For most of the last 15 years, Tim Cook has maintained Apple's spot as the largest public company in the world.
But two weeks ago, Cook informed shareholders that 'it was the right time' for him to move on from his role as chief executive officer.
He has cited the three key factors behind his timing: Apple's strong performance, a 'remarkable' product pipeline and an excellent successor - John Ternus - who's eager to take the reins.
'I looked at the performance of the company... and it's been remarkable,' Cook told FOX Business. 'I wanted to announce at a point in time where our roadmap was incredible... and I wanted to announce at a time that John was ready - and John is ready.'
Apple announced last week that Cook would step down on September 1 and transition to executive chairman, with Ternus - the company's hardware chief - set to take over as CEO.
Although Cook, 65, is stepping back from the top job, as chairman, he is expected to remain influential, particularly in maintaining the company's relationship with President Donald Trump.
He will also have a big hand in the company's strategic direction as it prepares for the biggest iPhone overhaul in years, including what could be its first foldable model.
The leadership shake-up comes as Apple rides a wave of strong results, posting record quarterly results this week, with revenue up 17 percent and iPhone sales surging 22 percent year over year.
Tim Cook said it was 'the right time' to step down as CEO of Apple after 15 years, revealing the three key factors behind his decision to hand over the reins to his successor, John Ternus, right
Cook said the move came down to the company's strong performance, a 'remarkable' product pipeline and the readiness of his successor
Although Cook, 65, is stepping back from the top job, he is expected to remain influential, particularly in maintaining the company's relationship with President Donald Trump
Cook said that results would have been even stronger had supply constraints not held back the company.
Those pressures include the ongoing conflict in the Middle East, which is weighing on Apple's revenue and costs, as Iran war disruptions ripple through global supply chains.
At the same time, Apple faces growing scrutiny over its position in the artificial intelligence race, as rivals including Microsoft, Amazon and Meta ramp up spending - in some cases alongside sweeping layoffs.
Cook pushed back on the perception that Apple is falling behind, saying the company has 'ramped significantly' and is pursuing a 'hybrid model' that relies on both its own infrastructure and third-party data centers.
Still, Apple has faced criticism for delays in rolling out promised AI features, putting added pressure on the incoming CEO as he prepares to step beyond his hardware roots.
Ternus, 51, will also have to contend with surging memory chip prices, which have jumped roughly 500 percent since August, squeezing margins.
Cook said during the company's latest earnings call that Apple will seek refunds for duties paid under Trump-era tariffs, adding that any returns would be reinvested into US innovation and manufacturing.
Ternus has spent more than two decades at Apple and currently oversees the engineering behind the iPhone, iPad and Mac.
Under Cook, Apple expanded aggressively into services - such as Music, TV and iCloud - and wearables like the Watch reducing its reliance on the iPhone and turning its ecosystem into a cash-generating machine
Ternus's appointment appears carefully timed, coming after the company's 50th anniversary celebrations and ahead of its annual WWDC developers conference in June.
When Cook steps down, he will leave behind a towering legacy - delivering nearly 2,000 percent returns to shareholders and growing Apple's market value more than tenfold during his tenure.
'John Ternus has the mind of an engineer, the soul of an innovator, and the heart to lead with integrity and with honor,' Cook said in a statement.
'He is a visionary whose contributions to Apple over 25 years are already too numerous to count, and he is without question the right person to lead Apple into the future.'