Tim Cook is stepping down as Apple CEO on September 1, 2026, following a nearly 15-year tenure that grew the company’s market capitalization from $348 billion to roughly $4 trillion. He will be succeeded by John Ternus, the current Senior Vice President of Hardware Engineering, who will become Apple’s fourth CEO.
Cook will remain at the company as Executive Chairman, a role focused on global policy engagement and regulatory relationships.
The transition was unanimously approved by the board and described as the result of long-term succession planning, despite Cook recently dismissing departure rumors.
Ternus, 50, has been with Apple since 2001 and oversees the hardware development for products generating about 80% of Apple’s revenue, including the iPhone, iPad, Mac, and Apple Watch. His promotion follows the departure of key executives such as COO Jeff Williams and CFO Luca Maestri, leaving Ternus to inherit significant challenges in AI integration, regulatory compliance, and supply chain management.
A mechanical engineer from the University of Pennsylvania, Ternus rose through the hardware ranks, leading the teams behind the iPad, AirPods, and recent iPhone models. He is viewed as a stable, internal choice who understands Apple’s product roadmap deeply.
Ternus inherits a complex landscape, including Apple’s lagging AI strategy, ongoing antitrust fines in the EU, and a need to navigate a substantially rebuilt executive team.
Since becoming CEO in 2011, Cook transformed Apple’s supply chain, launched the services business (now exceeding $100 billion annually), and introduced major product categories like the Apple Watch and AirPods.
Apple shares fell slightly (around 1%) in after-hours trading Monday, with investors largely viewing the leadership change as an orderly transition rather than a crisis.