Apple announced that John Ternus will become Chief Executive Officer (CEO) after Tim Cook stepped down from the top job.
Ternus will assume the role of CEO on 1 September 2026 and will work alongside Cook over the coming months to ensure a smooth transition.
Cook will then become the executive chairman of Apple’s board, after 15 years as CEO.
“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,” Cook said.
“I love Apple with all of my being, and I am so grateful to have had the opportunity to work with a team of such ingenious, innovative, creative, and deeply caring people who have been unwavering in their dedication to enriching the lives of our customers and creating the best products and services in the world.”
Cook also expressed confidence in Ternus’ appointment to the role.
“He is a visionary whose contributions to Apple over 25 years are already too numerous to count, and he is without question the right person to lead Apple into the future,” he said.
Ternus said he is “filled with optimism” about what Apple can achieve in the years to come.
“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,” he said.
Under Cook’s reign, the company’s market cap increased by more than 20-fold, and currently sits at US$4.01 trillion.
However, upon his exit, Apple is facing various troubles, including an increasingly complex supply chain, geopolitical tensions, the Trump administration’s tariffs and a memory crunch tied to soaring demand for AI chips.
Apple shares closed up 1.04% at $273.05 on Monday.
