Chief Executive Officer of Apple Inc. Tim Cook will step down on 1 September 2026 to become executive chairman, the company said in a statement.
John Ternus, senior vice president of hardware engineering, will become the new CEO of one of the world’s largest companies by capitalisation.
The leadership change was unanimously approved by the board and was the result of a “thoughtful, long-term succession planning process,” the company notes. Cook will continue to serve as CEO through the summer and will work with Ternus to transition operational management.
Cook joined Apple in 1998 and took over as CEO in 2011. During his tenure, the company’s market capitalisation grew from $350bn to $4 trillion and annual revenue almost quadrupled to over $416bn by the end of the 2025 financial year.
Ternus has been with Apple since 2001, taking over as vice president of hardware engineering in 2013. He has played a key role in the development of a number of devices, including the iPad, AirPods, and several generations of the iPhone, Mac, and Apple Watch. Ternus also oversaw the Mac’s transition to Apple’s Silicon processors.
Prior to joining Apple, he was an engineer at Virtual Research Systems and has a degree in mechanical engineering from the University of Pennsylvania.
Apple shares were down 0.6 per cent in additional trading on Monday. The company’s capitalisation has risen by a third to $4.01 trillion over the past 12 months.