Key Points
- Apple’s Tim Cook will step down as CEO in September, transitioning to Executive Chairman after 15 years leading the company.
- John Ternus will become CEO, marking a planned leadership succession backed by Apple’s board.
- Under Cook, Apple’s market value grew to about $4 trillion, with major expansion in products, services and global reach.
Apple CEO Tim Cook is resigning the role in September to become the Executive Chairman of the company’s Board of Directors, the electronic juggernaut announced on Monday.
Stepping into the role of CEO is Apple’s current Senior Vice President of Hardware Engineering John Ternus, who will succeed Cook on September 1. The succession plan has already received approvals from Apple’s Board of Directors, the company said.
Cook will remain CEO through the summer to oversee the transition. In his new role, he will continue to support the company, including engaging with policymakers globally and advising on strategic matters.
“It has been the greatest privilege of my life to be the CEO of Apple,” Cook said in a statement, adding that Ternus is “without question the right person to lead Apple into the future.”
Shares of Apple were 2 percent lower in after-hours trading.
Stock Price
The leadership change marks the end of a 15-year tenure for Cook, who succeeded Steve Jobs in 2011. During that period, Apple significantly expanded its global footprint and product portfolio while delivering substantial financial growth.
Under Cook’s leadership, Apple’s market capitalization increased from roughly $350 billion to around $4 trillion, while annual revenue grew from $108 billion in fiscal 2011 to more than $416 billion in fiscal 2025. The company also expanded to operate in more than 200 countries and territories and built an installed base exceeding 2.5 billion active devices.
Cook oversaw the introduction of several major product categories and services, including Apple Watch, AirPods and Apple Vision Pro, alongside the expansion of services like Apple Music, Apple TV and Apple Pay. Apple’s services division alone has grown into a business generating more than $100 billion annually.
Ternus, a longtime Apple executive, has spent more than two decades at the company after joining its product design team in 2001. He was named Vice President of Hardware Engineering in 2013 and elevated to Senior Vice President in 2021, overseeing development across Apple’s core product lines, including iPhone, Mac and iPad.
His tenure has included leadership on key hardware initiatives, including Apple’s transition to its own silicon chips and the evolution of its Mac lineup. More recently, Ternus has overseen development of new iPhone models, Mac systems and advancements in AirPods, including features tied to hearing health and active noise cancellation.
“I am profoundly grateful for this opportunity to carry Apple’s mission forward,” Ternus said, noting his experience working under both Jobs and Cook. “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.”
As part of the broader leadership reshuffle, Arthur Levinson, who has served as Apple’s non-executive chairman for 15 years, will become Lead Independent Director. Ternus will also join Apple’s board effective September 1.
The transition comes at a time when Apple continues to balance hardware innovation with growth in services and emerging technologies, including augmented reality and artificial intelligence. The company has also emphasized sustainability and privacy under Cook, reducing its carbon footprint by more than 60 percent since 2015 while expanding revenue, Apple said in a statement.
