Apple CEO Tim Cook to Step Down, Hardware Chief John Ternus Named Successor
On September 1, Tim Cook will resign as CEO of Apple after a 15-year tenure, with John Ternus, the senior vice president of hardware engineering, succeeding him. Cook will transition to the role of executive chairman. This decision was unanimously approved by the board following thorough succession planning. Ternus, who has been with Apple since 2001, has played a key role in the development of significant products such as the iPhone and Apple Watch. During Cook's leadership, Apple's market capitalization reached $4 trillion, and the company reported annual revenue of over $416 billion for fiscal year 2025. Additionally, Johny Srouji will become chief hardware officer, and Arthur Levinson will serve as lead independent director. Ternus will need to address challenges related to generative AI and aims to enhance Siri with Google's Gemini technology. Cook endorsed Ternus as the ideal leader for Apple's future.
Key facts
- Tim Cook steps down as Apple CEO on September 1, 2024.
- John Ternus, Apple's senior vice president of hardware engineering, becomes the new CEO.
- Cook will become executive chairman of Apple.
- Apple's board unanimously approved the transition after long-term succession planning.
- Ternus joined Apple in 2001 and has overseen hardware for iPhone, iPad, Mac, Apple Watch, AirPods, and Vision Pro.
- Under Cook, Apple's market cap reached $4 trillion, a 24-fold increase.
- Apple's annual revenue exceeded $416 billion in fiscal year 2025.
- Apple faces pressure over its pace in generative AI, with plans to rebuild Siri using Google's Gemini technology.
Entities
Artists
- Tim Cook
- John Ternus
- Steve Jobs
- Johny Srouji
- Arthur Levinson
- Amar Subramanya
Institutions
- Apple
- Microsoft
- Apple's board of directors
- Creative Strategies
Sources
- SCMP Culture —
- Quartz —
- PetaPixel —