Tim Cook Out: Apple Taps Ternus as New CEO

Apple Inc. said on Monday, April 20, 2026, that Chief Executive Officer Tim Cook will step down, ending a leadership run of nearly 15 years that coincided with a dramatic expansion in the company’s size and product reach. The company said Cook, 65, will move into the role of executive chairman on September 1, 2026. Apple also said John Ternus, the company’s head of hardware engineering, will take over as CEO.

The announcement outlines a leadership transition at one of the world’s most closely watched companies by investors, suppliers, and governments. Apple said Cook’s tenure included an increase in market value of more than $3.6 trillion. The company also described a sharp rise in market capitalization from approximately $350 billion in 2011 to $4 trillion, which it characterized as a gain of more than 1,000 percent.

Apple said its financial scale expanded substantially during the same period. Annual revenue nearly quadrupled, according to the company, rising from $108 billion in fiscal year 2011 to over $416 billion in fiscal year 2025. The company framed those figures as part of a broader transformation in how Apple generates sales across devices and recurring offerings.

In product terms, Apple said Cook oversaw the launch of new categories including Apple Watch, AirPods, and Apple Vision Pro. The company also pointed to the build-out of services such as iCloud, Apple Pay, Apple TV, and Apple Music. Apple did not provide additional details in its statement about future product strategy under the incoming CEO.

Ternus, 50, is set to become CEO after a long tenure inside the company. Apple said he has worked at Apple for 25 years and has served as senior vice president of hardware engineering since 2021. The company said he played a key role in developing products across the iPhone, Mac, iPad, and Apple Watch lines.

Cook’s move to executive chairman keeps him in a senior position with an external-facing remit. Apple said that in the new role he will continue engaging with policymakers globally. The company did not specify how responsibilities will be divided between the executive chairman and the new CEO beyond the leadership titles and timing.

For markets, the change formalizes a succession plan at a company whose size and supply-chain footprint make leadership shifts closely monitored across global equities and technology hardware. For politics, Apple’s note that Cook will keep working with policymakers underscores the company’s ongoing interaction with governments in multiple regions.

Key unknowns include how quickly Ternus will reshape executive priorities and whether Apple will adjust its approach to products and services after September 1, 2026.