Apple Announces Tim Cook Steps Down; John Ternus Becomes CEO On Sept. 1, 2026

Apple announced that CEO Tim Cook is stepping down, with John Ternus set to replace him as the head of the technology giant.

In Apple’s own statement, the transition was approved unanimously by the Board of Directors and Tim Cook will become executive chairman of Apple’s board of directors.

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Apple said John Ternus will officially become CEO on Sept. 1, 2026, and that Cook will continue in his role as CEO through the summer as he works closely with Ternus on a smooth transition.

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," and he added, "John Ternus has the mind of an engineer, the soul of an innovator, and the heart to lead with integrity and with honor."

Ternus responded, "I am profoundly grateful for this opportunity to carry Apple’s mission forward," and said, "I am filled with optimism about what we can achieve in the years to come."

The company also said Arthur Levinson, who has been Apple’s non-executive chairman for the past 15 years, will become its lead independent director on September 1, 2026, and that Ternus will join the board of directors effective September 1, 2026.

The leadership change is framed by Apple as the result of long-term succession planning, with the company saying the transition followed a "thoughtful, long-term succession planning process."

Apple said Cook will remain CEO through the summer, and that the handoff is designed for "a smooth transition" as Ternus works alongside Cook before formally assuming the top job on September 1, 2026.

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CNBC reported that Apple said the board made the appointment on Friday, and that Cook will continue in his role as CEO through the summer while he works closely with Ternus on a smooth transition.

TechCrunch similarly described the move as ending "one of the longer and more impactful runs a CEO has had at any company," and it noted that Cook took the reins in 2011 after succeeding Steve Jobs.

The Guardian said Apple’s succession plan had been in the works since at least last year, citing the New York Times, and it described the transition as a replacement after nearly 15 years.

ABC News added that Cook has served as Apple’s CEO since 2011, and it said Ternus has worked at Apple since 2001 and became a vice president of Hardware Engineering in 2013.

Apple’s announcement and the accompanying coverage feature direct statements from Cook, Ternus, and Arthur Levinson, tying the transition to both continuity and technical leadership.

“Apple CEO Tim Cook is stepping down, John Ternus set to replace him Cook will become the executive chairman of Apple’s board of directors”

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Cook said, "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," and he described Ternus as having "the mind of an engineer, the soul of an innovator, and the heart to lead with integrity and with honor."

Ternus said, "I am profoundly grateful for this opportunity to carry Apple’s mission forward," and he added, "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."

Levinson, speaking for the board, said, "Tim’s unprecedented and outstanding leadership has transformed Apple into the world’s best company," and he added, "We believe John is the best possible leader to succeed Tim."

Levinson also said the board was "thrilled he will now be executive chairman" and emphasized that as Ternus transitions to CEO, Apple expects his "deep technical knowledge" and "relentless focus on creating great products" to shape the next phase.

In ABC News’s account, Cook also said, "I love what I do deeply," when asked about stepping down, and he referenced his time at Apple by saying, "Twenty-eight years ago, I walked into Apple and I've loved every day of it since."

The reporting ties the leadership handoff to the scale of Apple’s growth under Cook and to the hardware engineering background Apple is elevating in Ternus.

Apple said under Cook’s leadership the company grew from a market capitalization of approximately $350 billion to $4 trillion, and it described this as a more than 1,000% increase.

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Apple also said yearly revenue has nearly quadrupled, from $108 billion in fiscal year 2011 to more than $416 billion in fiscal year 2025, and it said Apple operates over 500 retail stores while expanding to more than 200 countries and territories.

CNBC reported that Apple’s market cap increased by more than 20-fold on Cook’s watch, closing on Monday at $4 trillion, and it said Cook took home $74.6 million in total compensation last year, including a $3 million base salary.

The Guardian similarly said Apple’s market capitalization grew from around $350bn at the start of Cook’s time to over $4tn today, and it described Cook’s tenure as including the Apple Watch and AirPods line.

On Ternus’s side, Apple’s release says he has worked on product lines including the iPad, AirPods, and Apple Watch, and it says he has been at Apple since 2001 and became vice president of Hardware Engineering in 2013.

Several outlets connect the CEO switch to the question of how Apple will handle artificial intelligence, while also emphasizing Ternus’s hardware focus.

“Tim Cook will step down as Apple CEO and hand reins over to the iPhone maker’s hardware leader Tim Cook will step down as Apple CEO and hand reins over to the iPhone maker’s hardware leader Apple CEO Tim Cook is stepping down from the job that he inherited from the late Steve Jobs, ending a 15-year reign that saw the company’s market value soar by more than $3”

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CNBC said that as Cook exits, Apple faces challenges including "a memory crunch tied to soaring demand for AI chips," and it also pointed to "a perceived lack of cutting-edge AI technology."

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It reported that Apple last year delayed an upgrade to its Siri voice assistant, and it said the company will launch an updated version of Siri this year based on a Google Gemini AI model.

The Guardian said Apple has faced close scrutiny in the past year as investors questioned how it plans to integrate AI into its products, and it described Apple’s approach as sometimes integrating third-party AI tools into products such as Siri.

Quartz reported that investor and industry criticism has mounted over what many see as Apple’s slow pace in generative AI, and it said Apple has committed to shipping a rebuilt Siri powered by Google's Gemini technology.

Apple’s own release also frames Ternus’s role in terms of mission and leadership values, with Ternus saying, "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."