Apple said Tim Cook will step down as CEO later this year, ending a tenure that began in 2011 and saw the company expand its product lineup, scale its services business, and grow into one of the world’s most valuable companies.
John Ternus, Apple’s senior vice president of hardware engineering, will become CEO on September 1, 2026, the company said. Ternus will also join Apple’s board of directors as part of the leadership transition.
Cook will remain in the role through the summer and work with Ternus to ensure what Apple described as a smooth handoff. After stepping down as CEO, Cook will become executive chairman of Apple’s board, where he is expected to continue supporting the company and engaging with policymakers globally.
Cook joined Apple in 1998 and took over as CEO in 2011 following Steve Jobs’ resignation. During his time leading the company, Apple launched products and services including the Apple Watch, AirPods, Apple Vision Pro, and iCloud, while also pushing deeper into services and custom silicon.
Apple said its market value grew from around $350 billion when Cook became CEO to $4 trillion during his tenure. Annual revenue also rose from $108 billion in fiscal 2011 to $416 billion in fiscal 2025. The company’s services business now generates more than $100 billion a year, according to Apple, and its global retail footprint has expanded to more than 500 stores across over 200 countries and territories.
Ternus has been one of Apple’s most prominent hardware leaders for years. He joined the company’s product design team in 2001, became vice president of hardware engineering in 2013, and was promoted to senior vice president of hardware engineering in 2021. Apple credited him with helping lead development across several of its major product categories, including the iPad, AirPods, and multiple generations of the iPhone, Mac, and Apple Watch.
Apple also announced additional executive changes alongside the CEO succession plan. Arthur Levinson, who has served as non-executive chairman for the past 15 years, will become lead independent director on September 1, 2026.
Johny Srouji, previously senior vice president of hardware technologies, has been appointed chief hardware officer effective immediately. In that role, he will oversee Apple’s hardware engineering division, taking over responsibilities previously held by Ternus.
