Tim Cook Is Stepping Down at Apple, and He Isn't Offering Much Detail About Why

As the CEO of Apple, Tim Cook is one of the most powerful businessmen in America, and had huge shoes to fill after stepping into the role following Steve Jobs's death. Now, after 15 years at the head of the company, Cook announced that he'll be stepping down in September and that John Ternus, a senior vice president in the company, will take his place.

Following the news that Cook was stepping down, many wanted to understand why he might be walking away from one of the most lucrative jobs in tech. Here's what we know.

Cook didn't provide much of a rationale for his decision to step down, instead focusing on how honored he was to have served in the role to begin with. "It has been the greatest privilege of my life to be the CEO of Apple and to have been trusted to lead such an extraordinary company," Cook said in a statement released alongside the news. During Cook's tenure as CEO, the company's market cap has grown from $350 billion to $4 trillion. He has been in the role since 2011.

"John Ternus has the mind of an engineer, the soul of an innovator, and the heart to lead with integrity and with honor. 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," Cook added. Initial reports seem to suggest that Cook was not forced out, so we don't know exactly what motivated this decision.

Cook, who is now 65, might have simply decided that he wanted to try his hand at retirement. After all, 65 is the age when most Americans stop working full-time. After 15 years at the head of the company, it's also possible that he thought it was time for someone else to bring new ideas to leadership inside the organization, even though Cook's tenure has been financially successful.

The news that Cook would be stepping down was something of a surprise because, until quite recently, he had suggested he had no plans to retire. During an interview with Good Morning America to reflect on the company's 50th anniversary in March, he seemed to suggest that he wanted to keep working.

"I love what I do deeply," he explained at the time.

"Twenty-eight years ago, I walked into Apple and I've loved every day of it since," he said. "We've had ups and downs, but the people I work with are so amazing. They bring out the best in me. And hopefully, I can bring out the best in them. And Michael, I can't imagine life without Apple."

Whether he had a change of heart or something else happened, Cook will now be living a very different life at Apple. Although he will no longer be CEO, he will still serve as Executive Chairman.