Apple Inc. announced on Monday, April 20, 2026, that Tim Cook will step down as Chief Executive Officer on September 1, concluding a 15-year leadership run. John Ternus, currently the Senior Vice President of Hardware Engineering, has been named as his successor. Cook will remain with the company in the newly created role of Executive Chairman of the board of directors.
The transition marks the end of an era that saw Apple’s market capitalization grow from approximately $300 billion in 2011 to roughly $4 trillion today. According to Dow Jones Market Data, Apple’s stock returned 1,932% during Cook’s tenure, outperforming the S&P 500’s 504% increase over the same period. This performance ranks Apple as the 38th best-performing member of the index since Cook took over from co-founder Steve Jobs. Financial reports indicate that annual revenue rose from $108 billion in fiscal 2011 to more than $416 billion in fiscal 2025.
In his upcoming role as Executive Chairman, Cook is expected to focus on broader corporate strategy and engagement with global policymakers. In a statement released Monday, Cook described his tenure as the greatest privilege of his life and expressed full confidence in Ternus, citing his 25-year history at the company and his mind of an engineer. Cook will continue to lead the company through the summer to ensure a smooth handover, a process similar to the leadership transitions previously seen at Amazon and Netflix.
John Ternus, 50, joined Apple’s product design team in 2001 and has been a key figure in the development of the iPad, AirPods, and the recently launched MacBook Neo. As CEO, Ternus will be tasked with leading Apple through a significant transition toward artificial intelligence and managing ongoing global supply-chain complexities. His appointment follows a long-term succession planning process unanimously approved by the board.
The leadership change includes a broader executive reshuffle. Johny Srouji, who previously led Apple’s hardware technologies group, has been appointed Chief Hardware Officer. Srouji will now oversee both hardware engineering and hardware technologies, assuming responsibilities previously held by Ternus. Additionally, Tom Marieb will lead the hardware engineering organization, reporting directly to Srouji.
Apple’s board of directors also announced that Arthur Levinson, who has served as the company’s non-executive chairman for 15 years, will transition to the role of lead independent director on September 1. Ternus will also join the board of directors on that date. The announcement comes as Apple prepares for its 50th anniversary and its annual Worldwide Developers Conference, where the company is expected to detail its long-term artificial intelligence strategy.
Cook orchestrated the significant growth of Apple’s services business during his tenure, expanding the company from its hardware roots into a diversified ecosystem including iCloud, Apple Pay, and Apple TV+. He will remain involved in the transition through the end of August before Ternus officially assumes the chief executive role.