Tim Cook steps down as CEO of Apple; John Ternus takes over.

      Summary: Tim Cook will resign as Apple CEO on September 1 after nearly 15 years, a period during which Apple’s market value surged from $348 billion to around $4 trillion and its annual revenue increased fourfold to $416 billion. John Ternus, the 50-year-old senior vice president of hardware engineering responsible for about 80% of Apple’s revenue-generating products, will take over as the company's fourth CEO, facing strategic challenges in AI, regulation, and a significantly remodeled executive team following the exits of the COO, general counsel, AI chief, CFO, and head of design.

      Tim Cook will step down as Apple’s chief executive on September 1, concluding a nearly 15-year period that elevated the company's valuation from $348 billion to roughly $4 trillion. John Ternus, the 50-year-old senior vice president of hardware engineering overseeing the majority of Apple's revenue-generating offerings, will succeed him as the fourth CEO. Cook will remain as executive chairman, focusing on policy engagement and regulatory matters at a time when Apple is facing legal actions across multiple continents. The board of directors unanimously approved the succession plan. Arthur Levinson, who has been the non-executive chairman for 15 years, will assume the role of lead independent director once the transition is complete.

      In a statement, Cook praised Ternus: “He possesses the mind of an engineer, the soul of an innovator, and the heart to lead with integrity and honour. He is unequivocally the right individual to guide Apple into the future.” Interestingly, just months earlier, Cook had described rumors of his departure as "a rumor" in an interview with ABC’s Good Morning America, expressing his inability to envision life without Apple.

      Ternus joined Apple in 2001, initially working on the Cinema Display. He climbed through the hardware organization to manage the development of AirPods, iPads, and Macs before leading iPhone hardware in 2020 and Apple Watch in late 2022. He was elevated to senior vice president of hardware engineering in 2021, succeeding Dan Riccio, who went on to head the Vision Pro program. By late 2025, Cook had discreetly placed both hardware and software design teams under Ternus, a move reported by Bloomberg in January that effectively confirmed his position as the expected successor.

      Ternus's background is notable. Prior to joining Apple, he designed virtual reality headsets at Virtual Research Systems, a detail that seems insightful given Apple's later focus on spatial computing. He earned a degree in mechanical engineering from the University of Pennsylvania, where he was also a competitive swimmer. He has frequently appeared at Apple product events, introducing updates to the iMac, MacBook Pro, iPad Pro, and the redesigned Mac Pro.

      The transition was not abrupt. In 2024, Bloomberg reported that Ternus was the leading candidate and that Apple had intensified its succession planning. By October 2025, his role had grown beyond the traditional hardware chief responsibilities to include product roadmap decisions, feature prioritization, and strategic planning. Fortune highlighted in December 2025 that Apple was undergoing its “largest executive exodus in years,” framing it as a generational shift rather than a crisis.

      Ternus takes over a leadership team that has been significantly reshaped. Jeff Williams, the chief operating officer with 27 years at Apple, has retired, along with Kate Adams, the general counsel; Lisa Jackson, the vice president for environment and policy; and John Giannandrea, the AI chief. Alan Dye, who led user interface design since 2015, has joined Meta, and Luca Maestri, the CFO since 2014, left at the end of 2024.

      The new leadership includes Kevan Parekh, who became CFO on January 1, 2025, and Jennifer Newstead, who was appointed general counsel on March 1, 2026, after previously serving as a legal adviser to the US Department of State while at Meta. This level of turnover is unusual for a company that has historically favored internal promotions and retained senior executives for extended periods.

      Cook's legacy is characterized by scale. Apple's annual revenue surged from $108 billion in fiscal 2011 to exceeding $416 billion in fiscal 2025. The services division, which has higher margins compared to devices, grew from about $12.9 billion to $85.2 billion during the same time frame. Apple became the first public company to reach a $1 trillion market cap in 2018, achieved $1.9 trillion in 2020, and briefly surpassed $4 trillion in January 2025.

      The transition to Apple Silicon, which began in 2020, replaced Intel processors with Apple’s own chips, allowing for better integration between hardware and software than any competitor, and significantly enhancing the performance and battery longevity of all Mac models. The Apple Watch pioneered a wearables category that currently holds nearly