Apple Announces Leadership Transition: Tim Cook to Step Down as CEO

Tim Cook will step down as Chief Executive Officer and transition to the role of Executive Chairman. John Ternus, currently Senior Vice President of Hardware Engineering, will succeed Cook as CEO, effective September 1, 2026.

Transition Details

The transition was approved unanimously by Apple's board of directors. Tim Cook will remain as CEO through the summer to work with Mr. Ternus on the transition.

• Arthur Levinson, the current non-executive chairman, will become the lead independent director on September 1, 2026.
• John Ternus will join the board of directors on that same date.

As Executive Chairman, Cook will assist with certain company matters, including engagement with policymakers worldwide.

Background on Tim Cook's Tenure

Tim Cook joined Apple in 1998 and became CEO in August 2011, succeeding company co-founder Steve Jobs. During his tenure as CEO, Apple's market capitalization grew from approximately $350 billion to $4 trillion.

Key financial milestones under Cook's leadership:

Apple expanded its global retail network by approximately 200 stores and now operates in more than 200 markets worldwide. The company has approximately 2.5 billion active devices.

New product categories introduced under Cook's leadership include the Apple Watch (2015), AirPods (2016), and Apple Vision Pro (2024). The company transitioned its Mac computers from Intel processors to its own Apple Silicon chips between 2020 and 2023. Services launched during his tenure include Apple Pay (2014), Apple Music (2015), Apple TV+ (2019), and Apple Arcade (2019). Apple's services segment generated $109.16 billion in revenue for the fiscal year ending September 2025.

Apple Park, the company's headquarters envisioned by Steve Jobs, opened in 2017.

Background on John Ternus

"Having spent almost my entire career at Apple, I have been lucky to have worked under Steve Jobs and to have had Tim Cook as my mentor." — John Ternus

John Ternus is 51 years old. He joined Apple's product design team in 2001 after graduating from the University of Pennsylvania in 1997 with a bachelor of science in engineering, majoring in mechanical engineering. Before joining Apple, he worked as a mechanical engineer at Virtual Research Systems.

His career progression at Apple includes:

• Vice President of Hardware Engineering in 2013
• Senior Vice President of Hardware Engineering in 2021

Ternus has overseen hardware engineering for products including iPad, iPhone, AirPods, Mac, and Apple Watch. He led the transition of Mac computers from Intel processors to Apple Silicon chips. Products that debuted under his leadership include the Apple Watch, AirPods, and Vision Pro headset.

Johny Srouji has been named chief hardware officer, replacing Ternus in his former role.

Statements

In a company press release, Tim Cook stated:

"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."

John Ternus stated:

"I am profoundly grateful for this opportunity to carry Apple's mission forward. Having spent almost my entire career at Apple, I have been lucky to have worked under Steve Jobs and to have had Tim Cook as my mentor."

Company Context

The leadership change occurs as the technology industry is focused on artificial intelligence (AI). Apple launched its Apple Intelligence AI features in 2024 and announced a partnership for Google's Gemini to power some of its next-generation AI tools. The release of an AI-enhanced Siri was postponed in 2025. In October 2025, senior AI executive Robby Walker left Apple. In late 2025, Apple's head of AI, John Giannandrea, stepped down, and software chief Craig Federighi reportedly took charge of Siri development.

Apple faces competition from companies including Google, Meta, Microsoft, Nvidia, and OpenAI.

Apple's product lineup includes the MacBook Neo, a more affordable laptop model, and the company is expected to introduce its first foldable phone, reportedly for a September launch. The company has also been reported to be developing products such as smart glasses and a tabletop robotic device with a moving display. The company's Vision Pro headset has not achieved significant consumer adoption, according to reports.

Apple has been moving some manufacturing from China to Vietnam and India in recent years. In 2024, Apple announced a $600 billion U.S. spending commitment focused on hiring, manufacturing, and semiconductor supply chains.

Recent Financial Performance

For Apple's most recent reported quarter (ending December 2025), the company reported $29.6 billion profit on $111.2 billion revenue, with iPhone sales growing double digits in most markets and services revenue reaching an all-time high. Apple's services business reached a revenue record of $30 billion for that quarter, a 14% increase from the same quarter the prior year. Apple reported over $45 billion cash on hand at the end of 2025.