Apple announced today that Tim Cook will step down as CEO on September 1, 2026, bringing an end to a 15-year run as chief executive. Cook will transition into the role of executive chairman, while John Ternus, currently senior vice president of Hardware Engineering, will become Apple’s new CEO. The transition was approved unanimously by the company’s board of directors.
The timing is notable given that Cook appeared on Good Morning America just last month and dismissed retirement rumors, saying he “can’t imagine life without Apple.” Technically, that’s still true since Cook isn’t retiring, just stepping down from the top job. Still, the CEO transition has been a regular topic of speculation throughout Apple’s 50th anniversary year.
Cook’s tenure has been transformative by virtually any measure. Since taking over from Steve Jobs in 2011, Apple has grown from a market cap of roughly $350 billion to over $4 trillion, with annual revenue climbing from $108 billion to more than $416 billion in fiscal 2025. He oversaw the launch of entirely new product categories, including Apple Watch, AirPods, and Apple Vision Pro, while Apple Services grew into a $100 billion business on its own. The transition to Apple-designed silicon also happened under his watch.
Ternus has been at Apple for 25 years, joining the product design team in 2001 and rising to senior vice president of Hardware Engineering in 2021. His fingerprints are on virtually every major Apple product line, including iPad, AirPods, iPhone 17, MacBook Neo, and Apple Watch Ultra 3. The shift comes as Apple navigates an AI transition that many in the industry feel has been slow to materialize, alongside gaming on Apple devices gaining ground through Apple Arcade and major ports like Resident Evil Village on iPhone.
