Tim Cook will step down as Apple CEO, moving to executive vice president of the tech giant’s board of directors in a massive corporate shift. John Ternus, SVP of Hardware Engineering, will become Apple’s next chief executive officer, effective September 1, 2026.
The transition, which was approved unanimously by the Board of Directors, follows “a thoughtful, long-term succession planning process,” the company said Monday. There’s been speculation for months that Cook might be stepping down with Ternus considered a leading contender to replace him.
Apple reports earnings April 30. Shares were down slightly, 0.5%, in after-hours trading, at about $271.
Cook, 65, will continue in his role as CEO through the summer as he works closely with Ternus on a smooth transition. As executive chairman, part of his role will include engaging with policymakers around the world.
“It has been the greatest privilege of my life to be the CEO of Apple and to have been trusted to lead such an extraordinary company. I love Apple with all of my being, and I am so grateful to have had the opportunity to work with a team of such ingenious, innovative, creative, and deeply caring people who have been unwavering in their dedication to enriching the lives of our customers and creating the best products and services in the world,” said Cook.
He joined Apple in 1998. He became CEO in 2011, overseeing the introduction of numerous products and services, including the Apple Watch, AirPods and Apple Vision Pro, and fast growing services from iCloud and Apple Pay to Apple Music and Apple TV — frequently praising shows from Ted Lasso to Severance on earnings calls and reveling in the success of hit 2025 film F1. Apple recently became a broadcast partner of Formula 1 in the U.S. In February, the company showed off its growing film and TV slate at an event in Los Angles.
With this changing of the guard, many in media and entertainment will be wondering where the new CEO falls on content.
Ternus, 50, joined Apple’s product design team in 2001. He became a VP of Hardware Engineering in 2013 and SVP in 2021, overseen hardware engineering work on a variety of groundbreaking products across categories including iPads and AirPods as well as generations of the iPhone, Mac — i.e. iPhone 17, iPhone 17 Pro, Pro Max and iPhone Air, and the recent MacBook Neo — Apple Watch and AirPods, which his team brought to “unprecedented active noise cancellation, as well as the capability to become an all-in-one hearing health system that can serve as over-the-counter hearing aids,” Apple said.
Prior to Apple, Ternus worked as a mechanical engineer at Virtual Research Systems. He holds a bachelor’s degree in Mechanical Engineering from the University of Pennsylvania.
“John Ternus has the mind of an engineer, the soul of an innovator, and the heart to lead with integrity and with honor. 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. I could not be more confident in his abilities and his character, and I look forward to working closely with him on this transition and in my new role as executive chairman,” Cook said.
In a statement, Ternus said, “I am profoundly grateful for this opportunity to carry Apple’s mission forward. Having spent almost my entire career at Apple, I have been lucky to have worked under Steve Jobs and to have had Tim Cook as my mentor. It has been a privilege to help shape the products and experiences that have changed so much of how we interact with the world and with one another. I am filled with optimism about what we can achieve in the years to come, and I am so happy to know that the most talented people on earth are here at Apple, determined to be part of something bigger than any one of us. I am humbled to step into this role, and I promise to lead with the values and vision that have come to define this special place for half a century.”
Arthur Levinson, who has been Apple’s non-executive chairman for the past 15 years, will become its lead independent director on September 1. Ternus will join the board that day.
“Tim’s unprecedented and outstanding leadership has transformed Apple into the world’s best company. He’s introduced groundbreaking products and services time and again, and his integrity and values are infused into everything Apple does,” said Levinson. “On behalf of the entire board of directors, we are incredibly grateful for his countless contributions to Apple and the world, and we are thrilled he will now be executive chairman. We believe John is the best possible leader to succeed Tim and as he transitions to CEO we know his love of Apple, his leadership, deep technical knowledge, and relentless focus on creating great products will help lead Apple to an extraordinary future.”
“I want to thank Art for the incredible work he has done leading the board of directors for the past 15 years,” said Cook. “I have always found his advice to be invaluable and I appreciate his thoughtfulness and his unwavering dedication to the company. I am grateful he will serve as our lead independent director, and I look forward to working with him in my new role.”
Under Cook’s his leadership, Apple has grown from a market cap of $350 billion to $4 trillion and yearly revenue has nearly quadrupled from $108 billion in fiscal year 2011 to more than $416 billion in fiscal year 2025. It also significantly expanded its global footprint, particularly in emerging markets, and now operates in over 200 countries and territories. It has 500 retail stores, 100,000 employees and and active install base of 2.5 billion devices.
As the company grew, Cook focused on privacy and security, developing a standard for user protection at Apple. He also worked with the incoming CEO reduce the company’s carbon footprint and sustainability. Ternus helped create of a new, recycled aluminum compound that has been introduced across multiple product lines, the use of 3-D printed titanium in Apple Watch Ultra 3, and innovations in repairability that have increased the lifespans of Apple products.
More to come