Apple Announces Tim Cook to Step Down as CEO, John Ternus to Take Over

Apple announced on Monday that CEO Tim Cook will step down from his role later this year and be replaced by John Ternus, the company's senior vice president of hardware engineering. Cook will transition to executive chairman of Apple's board of directors. The handover is set for September 1. Multiple sources confirmed the leadership change, which marks the end of Cook's 15-year tenure as CEO.

Cook joined Apple in 1998, hired by Steve Jobs, and was promoted to executive vice president of worldwide sales in 2002. He became chief operating officer in 2005 and took over as CEO in 2011. Under his leadership, Apple's market capitalization increased from around $364 billion to more than $4 trillion.

John Ternus has been with Apple for 25 years, serving in hardware engineering roles. He will assume the CEO position on September 1. Sources noted that Cook will retain a key role as executive chairman. One report indicated that Cook will continue handling certain duties, including interactions with government figures.

The Verge reported that Cook will keep his role as Apple's point of contact with the Trump administration.

Apple's stock ticker is mentioned in connection with the news, reflecting investor interest in the transition. The company did not provide specific reasons for the timing of the change beyond the planned succession. The leadership shift occurs amid ongoing developments in Apple's hardware and software sectors. No immediate changes to company strategy were announced.

Jobs appointed Cook as his successor in 2011.

The transition to Ternus represents Apple's second major CEO change in 15 years.