Apple announced Monday that CEO Tim Cook will step down from the role in September and transition to executive chairman of the board. John Ternus, Apple’s senior vice president of hardware engineering, will succeed him as chief executive on September 1.
The move marks the end of Cook’s 15-year tenure leading Apple, the world’s most valuable company, reported Bloomberg. Cook joined the company in 1998 and became CEO in 2011 following the death of co-founder Steve Jobs.
Under his leadership, per Bloomberg, Apple’s market value grew from roughly $350 billion to more than $3 trillion, while expanding its services business and launching products including the Apple Watch, AirPods, and multiple generations of iPhones, iPads, and Macs.
Tim Cook is a legend.
I am very thankful for everything he has done and I am very thankful for Apple.
— Sam Altman (@sama) April 20, 2026
Ternus, 51, has spent 25 years at Apple. He joined the product design team in 2001 after earning a bachelor’s degree in mechanical engineering from the University of Pennsylvania in 1997. He previously worked as a mechanical engineer at Virtual Research Systems. Ternus advanced to vice president of hardware engineering in 2013 and senior vice president in 2021, per Apple. He oversees hardware engineering for iPhone, iPad, Mac, Apple Watch, AirPods, Apple Vision Pro, and other products, including the development of Apple’s M-series chips.
In an internal communication reported alongside the announcement, Cook addressed employees and customers, stating he begins most mornings reading messages from Apple users worldwide. He wrote that over the coming months, he will move into a new role and, in September, step down as CEO to become executive chairman. Cook identified Ternus as the person to take on “the best job in the world.”
Cook described Ternus as a “brilliant engineer and thinker” who cares deeply about Apple’s identity, products, and customers, adding that Ternus possesses the integrity and honesty to lead the company. Cook emphasized he is not departing but taking the next step in his journey at Apple and remains committed to the company.
The announcement follows months of speculation about succession planning. Reports identified Ternus as the leading internal candidate, per The New York Times. Apple’s board and senior executives intensified preparations in late 2025, with some projections pointing to a potential transition in 2026. Cook had previously downplayed rumors of an immediate retirement, stating he could not imagine life without Apple.
Ternus will assume the CEO position as Apple navigates competition in artificial intelligence, regulatory pressures, and shifts in consumer demand. His background centers on hardware development and the integration of silicon with devices that account for the majority of Apple’s revenue. The company has not outlined specific strategic changes under the new leadership.
Cook joined Apple as senior vice president for worldwide operations. He served as chief operating officer before succeeding Jobs. During his time as CEO, annual revenue increased from about $108 billion in fiscal 2011 to more than $394 billion in recent years. He maintained operational efficiency amid supply-chain challenges and global expansion.
Apple shares showed limited movement in after-hours trading following the news, reflecting investor familiarity with Ternus and the company’s internal succession approach.
No public posts from Cook’s verified X account announcing the transition were identified as of Monday evening. Apple did not immediately respond to a request for additional details on the timeline or priorities for the new CEO.
The leadership change occurs as Apple marks milestones in its product lineup and continues investment in services and spatial computing.