On Sept. 1, Tim Cook will step down as the chief executive officer of Apple turning over his role to John Ternus. Cook, who has been CEO for 15 years will serve as executive chairman of the board.
The announcement confirms long-running speculation about a leadership shift inside the iPhone maker. In the company’s announcement, Cook will remain involved in the company, focusing on engagement with policymakers aside from his task at the board.
“It has been the greatest privilege of my life to be the CEO of Apple,” Cook said. “I love Apple with all of my being, and I am so grateful to have had the opportunity to work with a team who is dedicated to enriching the lives of our customers.”
Cook joined Apple in 1998 and became CEO in 2011, taking over from Steve Jobs. During his tenure, Apple expanded far beyond its core iPhone business. The company introduced products such as the Apple Watch, AirPods, and Apple Vision Pro, while building services like iCloud, Apple Pay, Apple TV, and Apple Music into a business now generating more than $100 billion annually.
Ternus, who has spent more than two decades at Apple, is best known for leading hardware engineering across major product lines. He joined Apple in 2001 and rose through the ranks, becoming senior vice president of Hardware Engineering in 2021.
“I am profoundly grateful for this opportunity to carry Apple’s mission forward,” Ternus said. “It has been a privilege to help shape the products and experiences that have changed how we interact with the world.”
In recent years, Ternus has overseen updates to Apple’s Mac lineup and contributed to newer devices such as the iPhone 17 series and MacBook Neo. He will also join Apple’s board of directors as part of the transition.
Financially, Apple saw growth under Cook. Market value grew from about $350 billion in 2011 to roughly $4 trillion, while annual revenue climbed from $108 billion to more than $416 billion by fiscal 2025. The company also expanded its reach to over 200 countries and territories and grew its installed base to more than 2.5 billion active devices.