Apple CEO Tim Cook says he doesn’t expect to be running the company a decade from now

Tim Cook Apple Park speech
Apple CEO Tim Cook in January.

  • Apple CEO Tim Cook has been running the company for just shy of 10 years.
  • In another 10 years, though, Cook expects to have stepped down from his role.
  • In a new interview, Cook said he didn’t know what’s next after Apple.
  • Visit the Business section of Insider for more stories.

Tim Cook became the CEO of Apple just shy of 10 years ago, following the death of cofounder Steve Jobs.

And in another 10 years, Cook doesn’t expect to still be at the company, he said in a new interview with The New York Times.

“Ten more years? Probably not,” Cook said. “I can tell you that I feel great right now. And the date’s not in sight. But 10 more years is a long time, and probably not 10 more years.”

Cook has been with Apple for over 20 years. He joined in the late ’90s and helped it to rethink operations. When Jobs died in 2011, Cook took over executive duties and became the new face of the company.

Since then, Cook has unveiled new iPhones, Apple Watches, and other products.

tim cook jony ive iphones
Jony Ive, Apple’s chief design officer, and Cook inspect the iPhone XR during an event on September 12, 2018, in Cupertino, California.

He oversaw Apple’s incredible rise in value: Its market cap is just over $2 trillion. He’s also taken on the role of government liaison and appeared multiple times with President Donald Trump.

As for what he’ll do after Apple, Cook appeared to be just as in the dark as everyone else.

“I don’t have a clue,” he said in the Times interview, “because I love this company so much that it’s hard to imagine my life without it.”

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One silver lining of the pandemic: Millennials are saving more

millennial saving
The pandemic has helped some millennials boost their retirement savings.

Millennials are finally saving.

It seems the pandemic has helped some millennials sock away some money for retirement. Wells Fargo’s 2020 Annual Retirement Study, which surveyed 4,500-plus Americans ages 18 to 76, found that the pandemic left boomers and retirees more financially exposed and millennials saving more.

In fact, 18% of millennials have increased their retirement savings since the pandemic began, according to the study. It also revealed that 29% of millennials began saving for retirement at a younger age (25) than Gen X and boomers did, at ages 30 and 36, respectively. 

But that’s not the case for all millennials – 39% of millennial workers said in the survey they don’t know if they can save enough money for retirement because of the pandemic’s economic impact.

The generation has been notorious for its lack of wealth, blamed primarily on the Great Recession and its aftermath, the US’ crippling $1.6 trillion student debt burden, and a skyrocketing cost of living.

Such financial roadblocks have all made it difficult for some millennials to save. “Older millennials are often realizing they’re going to have to play catch-up with their finances if they want to ever be able to retire, but some of them have already decided that they likely will not ever be able to afford to retire,” Jason Dorsey, a consultant, researcher of millennials, and president of the Center for Generational Kinetics, previously told Business Insider.

It’s likely those who have been able to boost their retirement savings weren’t part of the millennial cohort who received pay cuts or found themselves unemployed during the pandemic. But it’s not just millennials – saving is up across the board as the US household net worth hit a record in the third quarter, up 3.2% from the second quarter. With many businesses shut down when the pandemic first hit the US in the spring, people began spending less, leaving more money to save. Having federal student loan payments paused until December 31 also likely made it easier for younger generations to stash money away.

But saving for retirement isn’t the only way the pandemic has helped some millennials financially prepare for their future. A 2020 Northwestern Mutual study that polled 2,700 Americans found that slightly over a quarter of millennials are readjusting their financial plans, more than any other generation, and that one-fifth of millennials are now creating a financial plan.

And when asked what age respondents expected to retire, millennials cited the earliest target date of all generations: 61. 

Read the original article on Business Insider