CUPERTINO (dpa-AFX) - Tech giant Apple Inc. (AAPL) on Monday announced a major leadership transition, with Chief Executive Officer Tim Cook set to become executive chairman and John Ternus appointed as the company's next CEO, effective September 1, 2026.
The move follows a long-term succession plan approved unanimously by Apple's board. Cook will continue as CEO through the summer, working closely with Ternus to ensure a smooth handover before stepping into his new role, where he will also engage with global policymakers.
Ternus, currently senior vice president of Hardware Engineering, has spent over two decades at Apple and played a key role in developing major products across iPhone, Mac, iPad and wearables. He will also join Apple's board of directors as part of the transition.
Meanwhile, long-time board chairman Arthur Levinson will shift to the role of lead independent director.
Cook joined Apple in 1998. He became CEO in 2011 and 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. Under Cook's leadership, Apple has grown from a market capitalization of approximately $350 billion to $4 trillion, representing a more than 1,000% increase, and yearly revenue has nearly quadrupled, from $108 billion in fiscal year 2011 to more than $416 billion in fiscal year 2025.
'I want to thank Art for the incredible work he has done leading the board of directors for the past 15 years,' said Cook. 'I have always found his advice to be invaluable and I appreciate his thoughtfulness and his unwavering dedication to the company. I am grateful he will serve as our lead independent director, and I look forward to working with him in my new role.'
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