Apple has announced that Tim Cook will step down as chief executive officer on September 1, 2026, ending a 15-year tenure at the head of one of the most valuable companies in the world. He will be succeeded by John Ternus, currently senior vice president of hardware engineering, and will remain at the company in the newly created role of executive chairman.
The board of directors unanimously approved the succession plan. Cook will continue as chief executive through the summer while working closely with Ternus on the transition. As executive chairman, Cook will assist with company operations including engagement with global policymakers.
Arthur Levinson, who has served as Apple's non-executive chairman for 15 years, will become lead independent director when the transition takes effect. Ternus will join the board of directors on the same date.
In a statement, Cook praised his successor in unequivocal terms. "John Ternus has the mind of an engineer, the soul of an innovator, and the heart to lead with integrity and with honour," Cook said. "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."
Cook's tenure
Cook became chief executive in 2011 as the direct successor to Apple co-founder Steve Jobs, who resigned from the role due to health issues. Under his leadership, Apple's market capitalisation grew from approximately $350 billion to $4 trillion, representing a more than 1,000% increase. Annual revenue nearly quadrupled from $108 billion in fiscal year 2011 to more than $416 billion in fiscal year 2025.
Cook joined Apple in 1998, originally as senior vice president of worldwide operations, and built a reputation as a meticulous operational leader who transformed Apple's global supply chain before assuming the chief executive role. His 15-year tenure as CEO saw the launch of the Apple Watch, the AirPods range, Apple Silicon, and the company's expansion into services, which now represents one of its fastest-growing revenue streams.
Who is John Ternus?
Ternus joined Apple's product design team in 2001 and became a vice president of hardware engineering in 2013 before joining the executive team in 2021. He has overseen hardware engineering work across multiple product lines, including iPad, AirPods, iPhone, Mac, and Apple Watch. He holds a bachelor's degree in mechanical engineering from the University of Pennsylvania.
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John Ternus. Image: Apple
Ternus oversees development of the devices that generate roughly 80% of Apple's revenue. At 50, he is also younger than many of the company's other senior leaders, meaning he could hold the top job for a significant period. He spent the early part of his career developing computer monitors, before overseeing product design for the original iPad and eventually taking over development of the Mac.
Ternus has also assumed oversight of Apple's hardware and software design teams, making him the key liaison between the company's design organisation and senior management. He is said to have a management and communication style very similar to Cook's, along with a similar attitude to risk.
Reactions and market response
Apple shares fell over 1% after the market close on Monday following the announcement, which came as a surprise to investors. The succession had nonetheless been the subject of sustained industry speculation for months, with Ternus widely identified as the leading internal candidate.
Cook recently turned 65, and analysts had noted that the timing of any transition would be consistent with Apple's typically methodical approach to planning. An announcement made ahead of summer would allow incoming leadership time to settle before Apple's major annual events, including the Worldwide Developers Conference and the iPhone launch season.
Ternus inherits leadership of a company navigating an increasingly consequential push into artificial intelligence, where Apple has faced questions about the pace of its progress relative to rivals. His engineering background is widely expected to shape Apple's approach to AI, which the company has anchored firmly in on-device processing and tightly integrated hardware and software rather than cloud-first infrastructure.
