Apple Inc. has announced a major leadership transition, with Tim Cook set to step down as Chief Executive Officer and assume the role of Executive Chairman. John Ternus, Senior Vice President of Hardware Engineering, will succeed him as CEO effective 1 September 2026.
The transition, unanimously approved by Apple’s Board, follows a long-term succession plan. Cook will continue as CEO through the summer, working closely with Ternus to ensure a smooth handover, while later focusing on strategic engagement, including policymaker relations.
Since becoming CEO in 2011, Cook has led Apple through a period of extraordinary growth. The company’s market capitalisation has surged from approximately $350 billion to $4 trillion, while annual revenue has nearly quadrupled to over $416 billion. Apple’s global presence now spans more than 200 countries, supported by over 500 retail stores and an installed base exceeding 2.5 billion devices.
Cook also expanded Apple’s services business into a $100 billion segment and advanced innovation in wearables, accessibility, sustainability, and privacy.
Ternus, who joined Apple in 2001, has played a pivotal role in hardware innovation across iPhone, Mac, and other product lines. His appointment signals continuity in Apple’s design-driven and sustainability-focused strategy.
