Apple has disclosed that Tim Cook will step down as chief executive officer on September 1, 2026, concluding his 15-year leadership at one of the world’s most valuable companies. John Ternus, the current senior vice president of hardware engineering, will take over as CEO, while Cook transitions into the role of executive chairman within the company.
The board of directors has unanimously approved this succession plan. Cook will remain as chief executive during the summer, collaborating closely with Ternus to ensure a smooth handover. In his new position as executive chairman, Cook will be involved in overseeing company operations, including engagement with global policymakers.
Once the transition is in effect, Arthur Levinson, who has been Apple’s non-executive chairman for 15 years, will assume the role of lead independent director. Ternus is set to join the board of directors simultaneously.
In a statement, Cook lauded his successor, John Ternus, emphasizing his engineering expertise, innovative spirit, and leadership qualities. Cook expressed confidence in Ternus, citing his extensive 25-year contribution to Apple and positioning him as the ideal leader to steer the company forward.
Cook took the reins as chief executive in 2011, succeeding Apple’s co-founder Steve Jobs. Throughout his tenure, Apple’s market value surged from around $350 billion to an impressive $4 trillion, marking a remarkable 1,000% increase. Annual revenue skyrocketed from $108 billion in fiscal year 2011 to over $416 billion in fiscal year 2025 under Cook’s guidance.
Joining Apple in 1998 as senior vice president of worldwide operations, Cook was recognized for his meticulous operational prowess in transforming Apple’s global supply chain before assuming the CEO role. His tenure witnessed the introduction of groundbreaking products such as the Apple Watch, AirPods line, Apple Silicon, and the company’s foray into services, now a significant revenue stream.
Ternus, who joined Apple’s product design team in 2001, progressed to become a vice president of hardware engineering in 2013 and later joined the executive team in 2021. Overseeing hardware engineering for various product lines including iPad, AirPods, iPhone, Mac, and Apple Watch, Ternus holds a mechanical engineering degree from the University of Pennsylvania.
Responsible for the development of devices contributing approximately 80% of Apple’s revenue, Ternus, at 50, is notably younger than many other senior leaders within the company, implying the potential for an extended tenure in the top position. His career highlights include involvement in computer monitor development and product design for the original iPad, culminating in leading Mac development.
Additionally, Ternus has taken on the oversight of Apple’s hardware and software design teams, serving as a crucial link between the design organization and senior management. Known for a management and communication style akin to Cook’s and a similar risk-taking attitude, Ternus is poised to lead Apple forward.
Following the announcement, Apple’s stock dipped over 1% after Monday’s market close, surprising investors. Despite the unexpected nature of the announcement, industry speculations on the succession had been ongoing for months, with Ternus frequently identified as the primary internal candidate.
Cook, who recently turned 65, strategically timed the transition, aligning with Apple’s methodical planning approach. The early announcement before summer allows incoming leadership ample time to settle ahead of significant annual events like the Worldwide Developers Conference and the iPhone launch season.
Ternus steps into the leadership role as Apple delves deeper into artificial intelligence, an area where the company faces scrutiny over its progress compared to competitors. With a strong engineering background, Ternus is anticipated to influence Apple’s AI strategy, emphasizing on-device processing and tightly integrated hardware and software over cloud-centric infrastructure.