Apple’s board of directors announced on Monday that Tim Cook will step down as chief executive on 1 September 2026. He will move into the role of executive chairman.
John Ternus, Apple’s senior vice president of hardware engineering, will take over as CEO. The transition marks only the third leadership change in Apple’s 50-year history.
Why it matters
Apple is the world’s most valuable public company at roughly $4 trillion. A change at the top affects millions of shareholders, a global supply chain, and the direction of consumer technology for years to come.
Cook’s legacy
Cook took over from Steve Jobs in August 2011. Under his watch, Apple’s market capitalisation grew more than twentyfold, and annual revenue nearly quadrupled to over $400 billion.
He expanded the company’s services business into a major revenue stream and oversaw the launch of Apple Watch, AirPods, and the Vision Pro headset.
Who is John Ternus?
Ternus, 50, joined Apple in 2001 after a stint at Virtual Research Systems. He became vice president of hardware engineering in 2013 and assumed his current senior vice president role in 2021.
He has led hardware development for every major product launch in recent years, including the M-series chip transition and Vision Pro.
The transition
Cook will work closely with Ternus through the summer to ensure continuity. The board said the succession followed a “thoughtful, long-term” planning process.
Apple shares slipped slightly in after-hours trading on Monday but recovered in Tuesday pre-market trading.