Summary: Tim Cook will step down as Apple CEO on 1 September after nearly 15 years, during which Apple’s market value grew from $348 billion to about $4 trillion, and annual revenue quadrupled to $416 billion. John Ternus, the 50-year-old SVP of hardware engineering who oversees about 80% of Apple’s revenue-generating products, will become the company’s fourth CEO, inheriting challenges in AI, regulation, and a reshaped executive team, following the departures of the COO, general counsel, AI chief, CFO, and head of design.
Tim Cook is stepping down as Apple’s CEO on 1 September, concluding a nearly 15-year tenure that elevated the company from a $348 billion valuation to about $4 trillion. John Ternus, the 50-year-old senior vice president of hardware engineering, responsible for products generating around 80% of Apple’s revenue, will become the company’s fourth CEO. Cook will remain as executive chairman, focusing on policy engagement and regulatory relationships as Apple faces enforcement actions globally.
The board of directors approved the transition unanimously. Arthur Levinson, who has been a non-executive chairman for 15 years, will become lead independent director when the change takes effect.
“John Ternus has the mind of an engineer, the soul of an innovator, and the heart to lead with integrity and with honour,” Cook stated. “He is undoubtedly the right person to lead Apple into the future.” Interestingly, Cook told ABC’s Good Morning America as recently as 17 March that rumors of his departure were “a rumour” and that he “can’t imagine life without Apple.”
The engineer behind the hardware
Ternus joined Apple in 2001, initially working on the Cinema Display. He climbed through the hardware organization to lead the development of AirPods, iPad, and Mac before taking charge of iPhone hardware in 2020 and Apple Watch in late 2022. He was promoted to senior vice president of hardware engineering in 2021, succeeding Dan Riccio, who moved to lead the Vision Pro programme. By late 2025, Cook quietly placed Apple’s design teams, both hardware and software, under Ternus, a move Bloomberg reported in January that effectively confirmed him as the CEO-apparent.
Ternus’ background is notable. Before Apple, he designed virtual reality headsets at Virtual Research Systems, a prescient detail given Apple’s subsequent investment in spatial computing. He studied mechanical engineering at the University of Pennsylvania, where he was on the swimming team. He has regularly appeared at Apple product events, presenting updates of the iMac, MacBook Pro, iPad Pro, and the revamped Mac Pro.
The succession was not abrupt. Bloomberg first reported in 2024 that Ternus was the front-runner and that Apple had intensified its planning. By October 2025, his responsibilities had expanded beyond a hardware chief’s traditional scope to include product roadmap decisions, feature prioritization, and strategic planning. Fortune reported in December 2025 on Apple’s “biggest executive exodus in years,” framing it as a generational transition rather than a crisis.
The exodus around him
Ternus inherits a leadership team that has been substantially rebuilt. Jeff Williams, the chief operating officer with 27 years at Apple, has retired. So have 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, joined Meta. Luca Maestri, the chief financial officer since 2014, left at the end of 2024.
The new guard includes Kevan Parekh, who became CFO on 1 January 2025, and Jennifer Newstead, who became general counsel on 1 March 2026 from Meta, where she had been a legal adviser to the US Department of State. The volume of turnover is unusual for a company historically promoting from within and retaining its senior executives for decades.
Cook’s accomplishments
Cook’s legacy is defined by scale. Apple’s annual revenue increased from $108 billion in fiscal 2011 to more than $416 billion in fiscal 2025.