Apple Inc.’s Tim Cook handed over the reins to John Ternus on Tuesday, capping a tenure as chief executive officer that cemented the company as an iconic global brand and turned its stock into one of the most reliable bets.
The shares have soared 2,275% since Cook took over from legendary founder Steve Jobs on Aug. 24, 2011. Cook inherited a company with a market capitalization of less than $350 billion and built the maker of iPhones and Mac computers into a diverse $4.6 trillion business that also sells watches, AirPods and financial services.
“Steve Jobs left huge shoes to fill, but Cook is also leaving big shoes, albeit of a different type, given his very different approach to expanding the company’s growth engines,” said Chris Brigati, chief investment officer at SWBC. “He’s certainly done amazing things as CEO, and every shareholder has benefited, probably more than was expected when he took over.”
Ternus will face an early test at a critical event next week, when he’s expected to unveil a foldable version of the iPhone, along with other product updates.
“The ideal for Ternus wis ill be to blend the Jobs and Cook approaches,” Brigati said, citing Cook’s steady, positive reign against “the otherworldly innovation and massively impressive growth of the Jobs era.”
