Apple said on Monday that John Ternus is succeeding Tim Cook as CEO, with Cook assuming the role of executive chairman on Sept. 1.
Ternus, a senior vice president of hardware engineering, will join Apple's board of directors when he becomes chief. Apple's nonexecutive chairman Arthur Levinson will become the iPhone maker's lead independent director at that time.
"Cook will continue in his role as CEO through the summer as he works closely with Ternus on a smooth transition," Apple said in a press release. The company said in a filing that the board made the appointment on Friday.
It's the first CEO transition for Apple since Cook, now 65, succeeded Steve Jobs at the helm in 2011, shortly before Jobs' death. Ternus will become Apple's eighth CEO.
"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," Cook said in a statement. "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."
Apple also said that Johny Srouji will become chief hardware officer, taking over for Ternus in an expanded role. Srouji, who most recently served as the company’s senior vice president of hardware technologies, will also lead hardware engineering.
Apple’s market cap increased by more than 20-fold on Cook’s watch, closing on Monday at $4 trillion. Cook took home $74.6 million in total compensation last year, including a $3 million base salary and millions more in stock awards, according to recent regulatory filings. Forbes estimates his net worth at close to $3 billion.
However, as Cook exits, Apple faces numerous challenges, including an increasingly complex supply chain, geopolitical tensions, the Trump administration’s tariffs and a memory crunch tied to soaring demand for AI chips.
Ternus, 50, has been Apple’s hardware boss and has worked at Apple for about half his life, joining just four years after he graduated from the University of Pennsylvania with a degree in mechanical engineering. He’s been widely viewed as next in line, with recent profiles in The New York Times and Bloomberg. His portfolio has included oversight of the hardware engineering teams behind the iPhone, iPad, Mac, Apple Watch, AirPods and Vision Pro.
Ternus came to Apple in 2001 after a four-year stint as a mechanical engineer at Virtual Research Systems. At Apple, he worked on the product design team, and in 2013 he became a vice president of hardware engineering.
During his almost 15-year tenure, Cook oversaw Apple’s jump into wearable technology, with the rollout of the Apple Watch, AirPods and the virtual reality headset Vision Pro, which has struggled to find market adoption since its release in 2024.
Revenue almost quadrupled under Cook, climbing to over $400 billion in the latest fiscal year. Cook is best known in Silicon Valley as an operations guru, revamping Apple’s supply chain after joining in 1998 as an executive vice president of worldwide sales and operations. When he arrived, Apple was near bankruptcy.
Cook became one of Jobs’ loyal lieutenants and was elevated to the role of operations chief in 2005. Before joining Apple, Cook cut his teeth in the tech industry spending 12 years working at IBM, helping the company manufacture computers. He also spent time at former PC maker Compaq as a vice president of corporate materials. Cook graduated from Auburn University in 1982 and received an MBA from Duke University in 1988.
Cook used a “Good Morning America” appearance last month to shut down growing speculation about his future at the company, telling viewers that retirement talk is nothing more than a rumor.
Asked about reports that he was preparing to step aside, Cook told ABC, “No, I didn’t say that. I haven’t said that. I love what I do deeply. Twenty-eight years ago, I walked into Apple, and I’ve loved every day of it since.”
— CNBC