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Overview
- Tim Cook told employees in an internal memo that he has stepped down as CEO and that he will continue at Apple as chairman of the board.
- John Ternus, Apple’s senior vice president of hardware engineering, is set to become CEO on September 1, 2026, after more than two decades at the company.
- Cook formally endorsed Ternus in the memo, calling him a skilled engineer and the right person to lead Apple and praising the company’s culture.
- The handover takes place just days before Apple’s iPhone 18 presentation, putting a premium on smooth operational and public messaging during the product launch.
- Under Cook’s leadership Apple expanded into new products and services and grew market value from roughly $350 billion to about $4 trillion while annual revenue rose from about $108 billion in 2011 to roughly $416 billion in 2025.