Apple CEO Tim Cook steps down

Tim Cook is stepping down as CEO of Apple to become executive chairman.

John Ternus will succeed Cook as CEO from September 1, stepping up from his role as senior vice president of hardware engineering.

Cook joined Apple in 1998 and became CEO in 2011.

He oversaw the introduction of new product categories including Apple Watch, AirPods and Apple Vision Pro, and services ranging from iCloud and Apple Pay to Apple TV and Apple Music.

Under Cook's leadership, Apple grew from a market capitalisation of about $350 billion to $4 trillion, a more than 1,000% increase.

Yearly revenue nearly quadrupled from $108 billion in fiscal year 2011 to more than $416 billion in fiscal year 2025.

During his tenure, Apple grew by more than 100,000 team members and increased its active installed base to more than 2.5 billion devices. 

Cook also oversaw the company's transition to Apple-designed silicon, enabling Apple to own more of its primary technology and deliver gains in power efficiency.

"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," said Cook.

Ternus joined Apple's product design team in 2001 and became vice president of hardware engineering in 2013, joining the executive team in 2021 as senior vice president of hardware engineering.

He has overseen hardware engineering work on products across every category at Apple, and led the company's focus on reliability and durability, introducing techniques that have made Apple products more resilient.

Ternus was credited with being 'instrumental' in introducing multiple product lines including iPad and AirPods, as well as many generations of iPhone, Mac and Apple Watch.

"John Ternus has the mind of an engineer, the soul of an innovator, and the heart to lead with integrity and with honour," said Cook.

"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."

Ternus will join the board of directors effective September 1, 2026.

"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," said Ternus.

"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 served as Apple's non-executive chairman for 15 years, will now become its lead independent director on September 1, 2026.