Tim Cook is stepping down as Apple's CEO. After fifteen years in the role, he will be replaced on September 1, 2026 by John Ternus, the company's current head of hardware engineering. Cook will remain with the company as chairman of the board, the AP reported.
Tim Cook steps down as Apple CEO: what does it mean?
Cook, 65, took over the role from Steve Jobs in August 2011. Before that, he served as chief operating officer, responsible for worldwide sales and operations. Under his leadership, Apple's market value grew by more than $3.6 trillion. Under him, Apple became the first publicly traded company to be worth $1, $2, and $3 trillion.
John Ternus, 50, has been at Apple since 2001. He became vice president of hardware engineering in 2013 and has served as senior vice president since 2021. According to MacRumors, he was in charge of the development of AirPods, Mac, iPad, and iPhone.
Arthur Levinson, the current non-executive chairman of the board, will step down from that role but remain a board member. Apple is struggling with its artificial intelligence rollout and turned to Google for help improving Siri. Apple will release its financial results for the first three months of the year on April 30.
Cook said in a statement: "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." Ternus said: "I am profoundly grateful for this opportunity to carry Apple's mission forward." Analyst Dan Ives of Wedbush Securities added: "Cook created a major legacy at Apple but it was ultimately time to pass the torch to Ternus with the AI strategy now the focus."
Cook will remain at Apple as executive chairman and will be involved in certain aspects, including engagement with politicians around the world.