Apple has announced that Tim Cook will step down as the company’s CEO, and John Ternus, Apple’s current Senior VP of Hardware Engineering, will take over as the next Apple CEO effective on September 1, 2026, while also joining the board of directors.
Cook will continue as CEO through the summer as he works closely with Ternus to ensure a smooth transition. Post that, Cook will serve as the Executive Chairman of Apple’s board of directors. In this role, Cook will assist with certain aspects of the company, including engaging with policymakers worldwide.
Tim Cook joined Apple in 1998 and became CEO in 2011, overseeing the introduction of numerous products and services, including Apple Watch, AirPods, Vision Pro, and iCloud.
Under Cook’s leadership, Apple’s market capitalization grew from about $350 billion to $4 trillion, while yearly revenue increased from $108 billion in fiscal year 2011 to $416 billion in fiscal year 2025.
During Cook’s tenure, Apple Services became a business of more than $100 billion, and the company now has a presence in more than 200 countries and territories and operates over 500 retail stores. Apple also transitioned to Apple-designed silicon under Cook’s leadership.
John Ternus (left) with Tim Cook (right)
Speaking of John Ternus, the current SVP of Hardware Engineering joined Apple’s product design team in 2001 and became Vice President of Hardware Engineering in 2013. In 2021, Ternus joined the executive team as the SVP of Hardware Engineering.
In a press release, Apple said Ternus was instrumental in introducing multiple new product lines, including iPad and AirPods, as well as many generations of products across iPhone, Mac, and Apple Watch.
“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. I love Apple with all of my being, and I am so grateful to have had the opportunity to work with a team of such ingenious, innovative, creative, and deeply caring people who have been unwavering in their dedication to enriching the lives of our customers and creating the best products and services in the world,” said Tim Cook.
“John Ternus has the mind of an engineer, the soul of an innovator, and the heart to lead with integrity and with honor. He is a visionary whose contributions to Apple over 25 years are already too numerous to count, and he is without question the right person to lead Apple into the future. I could not be more confident in his abilities and his character, and I look forward to working closely with him on this transition and in my new role as executive chairman,” Cook further added.
In addition to announcing the new roles of Cook and Ternus, Apple announced that Arthur Levinson, who’s been Apple’s non-executive chairman for the past 15 years, will become its lead independent director on September 1, 2026.
Furthermore, Apple announced that Johny Srouji, who recently served as Apple’s Senior Vice President of Hardware Technologies, will become its Chief Hardware Officer effective immediately. In this role, Srouji will lead Apple’s Hardware Engineering, which was recently overseen by Ternus.
