Overview
- Tim Cook sent a farewell memo to employees on Monday and stepped down as CEO, and John Ternus is scheduled to formally assume the role on Tuesday, September 1, 2026.
- Apple said Cook will become executive chair and continue handling high‑level policy and external relations, keeping him involved in company affairs after the handover.
- Employees shared internal signals of transition, including five‑year anniversary plaques bearing Ternus’s signature and an Apple Park send‑off held for Cook, which company communications have framed as a managed succession.
- Multiple outlets report that Ternus’s first major public test will be Apple’s September 9 event, where iPhone 18 Pro/Max and a reported foldable model often called the iPhone Ultra are expected to be announced but are not officially confirmed by Apple.
- Supply‑chain reporting warns initial availability of the reported foldable iPhone will be very limited, a development that could shape regional access, reseller markups, and Apple’s holiday‑quarter sales in the weeks after the launch.