Apple Names John Ternus as New CEO, Tim Cook to Become Executive Chairman

Apple has named John Ternus as its next chief executive officer, replacing Tim Cook who will step down after 15 years in the role. Ternus, currently senior vice president of hardware engineering, will assume the position on September 1. Cook will shift to executive chairman and remain involved in aspects such as engaging with policymakers worldwide.

The company's board approved the succession unanimously last Friday. Ternus, 51, has been with Apple for 25 years, contributing to products including the iPad, AirPods, and the Mac's transition to Apple silicon. Cook, 65, will manage the handover through the summer.

In a staff memo, Cook described Ternus as a visionary with remarkable integrity and stated that now is the right time to step aside.

“now was the right time to step aside and called Ternus a visionary with remarkable integrity." — Tim Cook, staff memo (The Times Of India). Ternus, in his own note to employees, said he plans to stay very hands-on in the new role. A town hall is scheduled at the Steve Jobs Theater. As part of the reshuffle, Johny Srouji has been promoted to chief hardware officer, absorbing Ternus's previous portfolio. Tom Marieb will take over day-to-day hardware engineering and report to Srouji. Ternus will join Apple's board on September 1, while Arthur Levinson, the non-executive chairman for 15 years, becomes lead independent director. Cook joined Apple in 1998, was promoted to executive vice president of worldwide sales in 2002, and became chief operating officer in 2005. He succeeded Steve Jobs as CEO in 2011.”

The announcement surprised some analysts due to its timing. Just last month, Cook told Good Morning America that he loved his work and could not picture life away from Apple. Wedbush analyst Dan Ives noted that the broad Wall Street view was that Cook would remain for at least another year, and the news comes nine days before Apple's April 30 earnings report.