Apple announced Tim Cook will step down as CEO on September 1, 2026. Cook will transition to the role of executive chairman. John Ternus, current senior vice president of Hardware Engineering, will succeed Cook and join the board of directors.
Cook has led the company since 2011. Apple reached a valuation of approximately $4 trillion during his tenure.
Ternus is a 25-year veteran of the company. He previously oversaw the development of key products including the iPad and AirPods.
The transition occurs as Apple marks its 50th anniversary. Ternus faces immediate pressure to define Apple’s strategy in artificial intelligence against rivals like Google and Microsoft while navigating a complex regulatory landscape.