After 15 years at the helm of the world’s most valuable company, Tim Cook is stepping down as Apple’s chief executive. Apple announced that Cook will transition to executive chairman of the board of directors, with John Ternus — currently senior vice president of Hardware Engineering — taking over as CEO on September 1, 2026.
The transition was approved unanimously by the board and follows what Apple described as a thoughtful, long-term succession planning process. Cook will remain in his CEO role through the summer to ensure a smooth handoff.
The move marks the end of a remarkable chapter for Apple. Apple’s market cap increased more than 20-fold during Cook’s tenure, reaching $4 trillion. When Cook took the reins from Steve Jobs in 2011, he inherited a company defined by its product mystique and transformed it into a global financial powerhouse, building out Apple’s services business and supply chain into pillars of extraordinary profitability.
Now the baton passes to Ternus, a lifelong Apple insider. He has worked at the company for 25 years and has overseen hardware development for the iPad, AirPods, and recent iPhone models — with his first project being a plastic monitor called the Apple Cinema Display. Analysts describe Ternus as a product person in the mold of Steve Jobs, rather than a supply chain operator like Cook, and he is expected to take a more centralized approach to decision-making.
The transition comes at a pivotal moment for Apple. For Ternus, perhaps the most critical aspect of his new job will be pushing the company deeper into artificial intelligence, where it has lagged many of its megacap peers. Apple has hit development snags with its AI-charged Siri model and enlisted the help of Google’s Gemini in January. Wall Street is cautiously optimistic — Morgan Stanley analysts wrote that promoting Ternus to CEO clearly shows Apple’s emphasis on product at the center of its strategy will remain.
Alongside the leadership change, Johny Srouji, currently SVP of Hardware Technologies, will take on an expanded role as Chief Hardware Officer, overseeing hardware engineering, product design, and system engineering.
As for Cook, his exit from the CEO chair is not a full departure. As executive chairman, he will assist with certain company matters, including engaging with policymakers around the world — a role that reflects the diplomatic work he has performed navigating trade tensions and tariff pressures in recent years.
Ternus, for his part, sounded ready for the challenge. He said he is “filled with optimism” about what Apple can achieve and promised to lead with the values and vision that have defined the company for half a century.
