Apple has announced a major leadership change, confirming that CEO Tim Cook will step down from his role later this year. John Ternus, currently the company’s Senior Vice President of Hardware Engineering, will take over as the next CEO starting September 1, 2026. He will also join Apple’s board of directors. Cook will remain in his position through the summer months, working closely with Ternus to ensure a smooth leadership transition. After stepping down, Cook will take on the role of Executive Chairman of Apple’s board. In this capacity, he will continue to support the company, including engaging with policymakers around the world.

Cook will remain in his position through the summer months, working closely with Ternus to ensure a smooth leadership transition. After stepping down, Cook will take on the role of Executive Chairman of Apple’s board. In this capacity, he will continue to support the company, including engaging with policymakers around the world.

Cook joined Apple in 1998 and was appointed CEO in 2011. During his tenure, the company introduced several major products and services, including the Apple Watch, AirPods, Apple Vision Pro, and iCloud.

Under his leadership, Apple’s market value increased significantly, rising from approximately $350 billion to $4 trillion. Annual revenue also grew from $108 billion in fiscal year 2011 to $416 billion in fiscal year 2025.

During this period, Apple’s services segment expanded into a business generating more than $100 billion annually. The company also strengthened its global footprint, now operating in over 200 countries and territories with more than 500 retail stores worldwide. Additionally, Apple transitioned to its own custom-designed silicon during Cook’s time as CEO.

Ternus joined Apple’s product design team in 2001 and was promoted to Vice President of Hardware Engineering in 2013. He later became Senior Vice President of Hardware Engineering in 2021, joining the company’s executive team. According to Apple, Ternus has played a key role in the development of several major product lines, including the iPad and AirPods, as well as multiple generations of the iPhone, Mac, and Apple Watch.

Alongside the previously announced leadership changes involving Tim Cook and Ternus, Apple also confirmed updates to its board structure. Arthur Levinson, who has served as the company’s non-executive chairman for the past 15 years, will transition to the role of lead independent director starting September 1, 2026.

In addition, Johny Srouji has been appointed as Apple’s Chief Hardware Officer, effective immediately. Srouji, who previously served as Senior Vice President of Hardware Technologies, will now oversee the company’s Hardware Engineering division, a role that was previously held by Ternus.

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