Tim Cook announced Monday he will step down as Apple CEO on September 1, handing the reins to John Ternus, the company’s current SVP of hardware engineering. Cook will move into the role of executive chairman.
APPLE NAMES JOHN TERNUS AS NEXT CEO
John Ternus will become CEO on Sept. 1, 2026, while Tim Cook transitions to executive chairman. Ternus, $AAPL's current hardware chief, will also join the board. Cook will remain in his role through summer 2026 to help with the transition. pic.twitter.com/cTBGKFYz1Y
— Wall St Engine (@wallstengine) April 20, 2026
Cook took the top job in 2011, following Steve Jobs. When he became CEO, Apple was valued at around $300 million. Today, that figure stands at over $4 trillion.
Apple stock dipped less than 1% in after-hours trading following the news, and was down around 0.8% in premarket trading Tuesday.
“It has been the greatest privilege of my life to be the CEO of Apple,” Cook said in a statement.
Ternus joined Apple in 2001 and has led hardware engineering since 2013. He holds a mechanical engineering degree from the University of Pennsylvania and previously worked at Virtual Research Systems.
At 50 years old, he’s well known inside the company for his attention to detail. In a 2024 commencement address, he described arguing with a supplier over the number of grooves on screw heads for his first Apple product. He wanted 25 grooves. The supplier offered 35. Ternus pushed back and won.
“Maybe a customer notices, maybe they don’t. But either way, whenever I saw one of those displays on someone’s desk, it mattered to me,” he said.
Ternus has been a visible face at Apple product launches in recent years, including the latest iPhone event and the MacBook Neo reveal. He has also worked across iPhone, iPad, and AirPods, and has played a key part in Apple’s push toward its own silicon chips.
Cook’s tenure produced the Apple Watch, AirPods, and a services business that now brings in $109 billion a year. The company has 2.5 billion active devices worldwide.
But the transition comes with open questions. Apple’s AI efforts have drawn criticism for lagging behind rivals like Microsoft and Meta, both of which have committed hundreds of billions to AI development. Apple’s spending on AI, by comparison, has been restrained.
Wedbush analyst Dan Ives noted the timing closely aligns with Apple’s AI ambitions.
“There was growing pressure on Apple to produce a successful AI strategy and Cook must feel that the pieces are now in place heading into WWDC to hand over the reins at this time,” Ives said.
Apple’s Worldwide Developers Conference in June is now expected to be a pivotal event. Ternus will inherit whatever direction is set there.
Before then, Apple reports fiscal second-quarter results on April 30. Analysts expect $57 billion in iPhone revenue, 14% services growth, and total revenue around $110 billion.
Morgan Stanley analyst Erik Woodring has a $300 price target on the stock, implying roughly 10% upside from current levels, which he sees as achievable by September.
Cook will remain involved as executive chairman through the handover.
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