Apple announced that Tim Cook will step down as chief executive officer, ending a 15-year tenure that transformed the iPhone maker into one of the world's most valuable companies. John Ternus, Apple's senior vice president of hardware engineering, will succeed him as CEO effective September 1, 2026.

Cook, 65, will transition to the role of executive chairman of Apple's board of directors, remaining in his CEO role through the summer in the US. 

"It has been the greatest privilege of my life to be the CEO of Apple and to have been trusted to lead such an extraordinary company," Tim Cook said through an official statement.

Cook took over Apple on August 24, 2011, just six weeks before Steve Jobs died of pancreatic cancer, and proceeded to methodically build one of the most profitable enterprises in corporate history.

Under Cook's leadership, Apple introduced the Apple Watch, AirPods, Apple TV+, and Apple Vision Pro, while its services division, encompassing iCloud, Apple Pay, Apple Music, and the App Store, grew into a multibillion-dollar business. The company reached a $4 trillion market capitalization in 2025.

While most of everything Apple introduced as seen some remarkable success, the one product that may not be ready for a wider appeal would be the Apple Vision Pro, a mixed-reality headset. It failed to reach a mainstream audience, likely due to its multi-thousand price point. Apple also faced challenges over its pace of adoption of artificial intelligence features, as rivals moved aggressively into the space.

Here is a quick look of milestones of Tim Cook's tenure at Apple:

1998 - Cook joins Apple as SVP of Worldwide Operations

2011 - Becomes CEO, succeeding Steve Jobs

2015 - Launches Apple Watch, opening a new product category

2016 - AirPods debut, redefining the wireless audio market

2019 - Apple TV+ launches, entering the streaming wars

2020 - Apple Silicon transition begins, replacing Intel chips in Macs

2025 - Apple reaches $4 trillion market capitalization

2026 - Steps down as CEO; transitions to executive chairman

Ternus, 51, is a 25-year Apple veteran who has overseen hardware engineering for virtually every major product in the company's current lineup, from the iPhone and iPad to AirPods and the Mac's landmark transition to Apple Silicon. He joined Apple's product design team in 2001 and was elevated to senior vice president of hardware engineering in 2013.

“Having spent almost my entire career at Apple, I have been lucky to have worked under Steve Jobs and to have had Tim Cook as my mentor," Ternus said in an official statement. "It has been a privilege to help shape the products and experiences that have changed so much of how we interact with the world and with one another. I am filled with optimism about what we can achieve in the years to come, and I am so happy to know that the most talented people on earth are here at Apple, determined to be part of something bigger than any one of us. I am humbled to step into this role, and I promise to lead with the values and vision that have come to define this special place for half a century.”

Before Apple, Ternus graduated from the University of Pennsylvania with a degree in mechanical engineering. He worked at Virtual Research Systems, gaining early exposure to virtual reality headsets and immersive display technologies.

Ternus inherits Apple at a pivotal moment. Rivals are aggressively vying to loosen Apple's grip on the consumer electronics market. Apple Intelligence, the company's suite of on-device AI features, has been rolling out gradually, as Apple has taken a deliberate approach in a much slower pace to ensure user privacy, something Apple prides itself to the highest degree.

Ternus's engineering background aligns with where Apple is directing its resources: Artificial intelligence, mixed reality, and continued development of its proprietary silicon. He is 51, the same age when Cook became CEO, positioning him for a potentially decade-long run at the helm.

Arthur Levinson, Apple's non-executive chairman for the past 15 years, will transition to the role of lead independent director, effective September 1. Ternus will simultaneously join Apple's board of directors.