Tim Cook to step down as Apple CEO

Apple announced that Tim Cook will become Executive Chairman of Apple’s board of directors and John Ternus, currently Senior Vice President of Hardware Engineering, will become Apple’s next CEO effective on September 1, 2026.

The transition, which was approved unanimously by the Board of Directors, follows a thoughtful, long-term succession planning process.

Cook will continue in his role as CEO through the summer as he works closely with Ternus on a smooth transition. As executive chairman, Cook will assist with certain aspects of the company, including engaging with policymakers around the world.

“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.

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,” said Cook.

“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.”

Tim Cook was the CEO designate even when Late Steve Jobs was alive and was ideintified as the suitable successor to his legacy. Steve Jobs passed away (aged 66) 5 Oct. 2011 after battling Pancreatic Neuroendocrine Tumor Cancer for many years.

Ever since, Cook has overseen the introduction of numerous products and services, including new categories like Apple Watch, AirPods, and Apple Vision Pro, and services ranging from iCloud and Apple Pay to Apple TV and Apple Music.

He was also instrumental in expanding existing product lines.

Apple operates over 500 retail stores and has more than doubled the number of countries in which its customers can visit an Apple Store.

Under Cook’s leadership, the company has expanded its global footprint substantially, particularly in emerging markets; it is now in more than 200 countries and territories.

During his tenure, Apple has grown by more than 100,000 team members and increased its active installed base to more than 2.5 billion devices.

Apple Services has been a major focus area of Cook’s, and during his tenure the category has grown to become a more than $100 billion business, the equivalent of a Fortune 40 company.

Cook was also instrumental in creating the wearables category at Apple, which now includes the world’s most popular watch and headphones, and which has served as the foundation for Apple’s remarkable impact on the health and safety of its users.

Under Cook’s leadership, Apple also transitioned to Apple-designed silicon, enabling the company to own more of its primary technology and deliver industry-leading gains in power efficiency and performance that directly benefit users across its products.

Early feedback online has shown a mixed feedback from Apple aficionados, investment bankers and customers alike.

Steve Jobs had handpicked Tim Cook to be his successor. While Jobs was the visionary face of the company, Cook was the logistical engine ever since he joined in 1998, when Apple was in the brink of bankruptcy.

Cook who famously described inventory as “fundamentally evil” closed Apple’s internal factories and warehouses, moving to contract manufacturers. He implemented a highly efficient manufacturing system that allowed Apple to stay lean and respond quickly to market shifts.

He also served as interim CEO three times (2004, 2009, and early 2011) while Jobs was on medical leave, proving to Wall Street that the company could function without its founder.

While critics initially doubted his “vision,” he oversaw the launch of the Apple Watch, AirPods, and the Vision Pro.

The Apple Watch and AirPods alone now generate more revenue than many Fortune 500 companies. 

He transformed Apple into a service giant, launching Apple Music, Apple TV+, Apple News+, and Apple Fitness+.

Under Cook, Apple’s market capitalization soared from approximately USD 350 Bn in 2011 to USD 3 Trn (and briefly hitting $4 trillion in late 2025/early 2026).

Investors initially reacted with a slight dip in after-hours trading, but the stock (AAPL) quickly recovered, ending higher the next day at approximately $273.05.

Among tech enthusiasts and industry peers, the sentiment is one of deep respect for Cook’s “impossible” task of following Steve Jobs.

The overall sentiment is “Calmly Optimistic.”

By announcing this in April for a September 1st handover, Apple has managed to make one of the biggest leadership changes in corporate history feel like a routine, well-oiled machine—exactly what Tim Cook is known for.