CUPERTINO—Apple Inc announced Monday that CEO Tim Cook will step down from the role he has held since 2011 and become the company’s executive chairman, with hardware chief John Ternus named as his successor effective Sept. 1.
Cook, 65, will remain CEO through the summer to oversee a smooth transition before shifting to the new position. Ternus, Apple’s senior vice president of hardware engineering, will become the company’s eighth CEO. The move caps months of internal succession planning at the world’s most valuable publicly traded company as it celebrates its 50th anniversary this year.
“It has been the greatest privilege of my life to lead Apple,” Cook said in a statement. “I’m incredibly proud of what we’ve accomplished together, and I’m excited for what’s ahead under John’s leadership.”
Ternus, 50, joined Apple in 2001 and has overseen hardware engineering since 2021. He has played a central role in product development, including the transition to Apple-designed chips and the expansion of key device lines. Apple said he will report to the board, with Cook remaining actively involved as executive chairman.
“I am profoundly grateful for this opportunity to carry Apple’s mission forward,” said Ternus. “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. 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.”
Cook took over as CEO in August 2011 after the death of co-founder Steve Jobs. At the time, Apple’s market value stood at roughly $350 billion. Under Cook’s leadership, it has grown to approximately $4 trillion, making it the most valuable U.S. company and the first to reach $1 trillion, $2 trillion and $3 trillion market caps.
Annual revenue climbed from $108 billion in fiscal 2011 to more than $416 billion in fiscal 2025. The iPhone became a global phenomenon, generating the majority of sales, while new categories flourished. Apple launched the Apple Watch in 2015, which has become the top-selling smartwatch worldwide, and AirPods in 2016, creating an entirely new product segment. The company also introduced the Vision Pro mixed-reality headset and expanded into health and wellness features across its devices.
Cook oversaw a major strategic shift toward services. Revenue from the App Store, Apple Music, iCloud, Apple Pay and other digital offerings now exceeds $100 billion annually and carries higher profit margins than hardware. He also led the transition of Mac computers from Intel processors to Apple’s own M-series silicon, improving performance and efficiency while reducing reliance on external suppliers.
The company strengthened its focus on privacy, environmental sustainability and supply-chain resilience. Apple has committed to becoming carbon-neutral across its entire supply chain by 2030 and has invested billions in U.S. manufacturing and advanced manufacturing initiatives.
Cook navigated challenges including U.S.-China trade tensions, multiple antitrust investigations in the U.S. and Europe, and criticism over app store policies. Despite those pressures, Apple maintained strong profitability and returned hundreds of billions of dollars to shareholders through dividends and buybacks.
Author: Mario Lotmore
