Apple has announced that Tim Cook will step down as chief executive officer on September 1, with John Ternus, currently senior vice president of Hardware Engineering, succeeding him as the iPhone maker’s next CEO.
Cook, who has led Apple since 2011, will remain with the company as executive chairman of its board of directors. The transition, approved unanimously by the board, follows what Apple described as a long-term succession planning process.
Ternus, 50, joined Apple in 2001 and was named senior vice president of Hardware Engineering in 2021, overseeing development of the iPhone, iPad, Mac, AirPods and Apple Watch. In a statement, Cook said Ternus had “the mind of an engineer, the soul of an innovator, and the heart to lead with integrity and with honor.”
Ternus said he was “profoundly grateful” for the opportunity and that he had “been lucky to have worked under Steve Jobs and to have had Tim Cook as my mentor.”
Under Cook’s leadership, Apple’s market capitalisation grew from about $350 billion in 2011 to $4 trillion, a more than 1,000 percent increase, while annual revenue rose from $108 billion to more than $416 billion in fiscal year 2025. The company’s active installed base has expanded to over 2.5 billion devices across more than 200 countries. Apple introduced the Apple Watch, AirPods and Apple Vision Pro under Cook, and its Services business grew into a $100 billion-plus operation.
Arthur Levinson, Apple’s non-executive chairman for the past 15 years, will become lead independent director on September 1. Ternus will join the board the same day.
Cook will continue working closely with Ternus through the summer on the transition. As executive chairman he will take a role focused on engaging with policymakers globally, Apple said. The company is the world’s most valuable by market capitalisation and operates more than 500 retail stores worldwide.
