Tim Cook steps back as Apple appoints hardware chief as new CEO
Apple, one of the world’s most valuable companies, has a new CEO, marking a new chapter in the history of what has arguably become the most influential company in consumer technology.
The Cupertino, California-based smartphone maker announced Monday that John Ternus, senior vice president of hardware engineering, will become Apple’s chief executive officer on September 1.
Tim Cook, who served as chief executive for about 15 years, will become executive chairman of the company’s board, the company said. He had long been expected to resign soon.
Under Cook’s leadership, Apple’s market capitalization grew from about $350 billion to $4 trillion, according to the company. Its revenue grew from $108 billion in fiscal 2011 to more than $416 billion in fiscal 2025.
Apple has also expanded its business under Cook’s tenure, including its presence in entertainment with Apple TV and Apple Music. People also use other services such as Apple Pay and iCloud to store their photos, videos and other content.
The leadership transition marks a new era for Apple, which celebrated its 50th anniversary in April. The company revolutionized technology by selling popular consumer electronics products, including iPhones and smartwatches.
But the company is lagging behind as competitors such as OpenAI, Google, Meta and more race to dominate the artificial intelligence race. It also faced tariffs and criticism for manufacturing its products in other countries, such as China and India, during President Trump’s second term.
“These will be big shoes to fill and the timing of Cook stepping down as CEO could make sense, but also raises questions. Apple is making a major transition in its AI strategy, and the current departure of longtime and legendary CEO Cook is a surprise,” Dan Ives, an analyst at Wedbush Securities, said in a statement.
In a statement, Cook expressed gratitude for his time at Apple’s helm. The 65-year-old took over from CEO and co-founder Steve Jobs in 2011 after he died from pancreatic cancer.
“John Ternus has the mind of an engineer, the soul of an innovator and the heart to lead with integrity and honor,” Cook said in a statement. “He is a visionary whose contributions to Apple over the past 25 years are already too numerous to count, and he is undoubtedly the right person to lead Apple into the future.”
Ternus was widely expected to be the next general manager.
In a statement, he said he had worked at Apple for almost his entire career, including under Jobs. He described Cook, who will work with him during the transition, as his mentor.
“I am honored to take on this role and promise to lead with the values and vision that have defined this special place for half a century,” Ternus said in a statement.
Ternus has been Apple’s senior vice president of hardware engineering since 2021, working on new products such as the iPad and AirPods. Prior to this role, he was part of Apple’s product design team in 2001 before becoming vice president of hardware engineering in 2013, according to the company.
“Ternus’ work on Mac has helped the category become more powerful and popular globally than at any time in its 40-year history,” Apple said in its press release about the transition.
In the fiscal year ending in September, Apple reported revenue of $416 billion and net income of $112 billion. Worldwide, there are more than 2.5 billion active Apple devices.
Apple stock was down less than 1% in early after-hours trading, changing hands at around $271 per share.
