Apple CEO Tim Cook stepping down after 15 years; John Ternus to take over iPhone maker

Stephen Nellis

Updated April 21, 2026 — 7:24am,

San Francisco: Apple CEO Tim Cook is stepping down from the job that he inherited from the late Steve Jobs, ending a 15-year reign that saw the company’s market value soar by more than $US3.6 trillion ($5.02 trillion) during an iPhone-fuelled era of prosperity.

Cook, 65, will turn the CEO duties to Apple’s head of hardware engineering, John Ternus, on September 1 while remaining involved with the California company as executive chairman.

Tim Cook will step down as Apple’s CEO.Bloomberg

That’s similar to the transitions made by Amazon’s Jeff Bezos and Netflix’s Reed Hastings after they ended their highly successful tenures as CEO.

“I love Apple with all of my being, and I am so grateful to have had the opportunity to work with a team of such ingenious, innovative, creative, and deeply caring people who have been unwavering in their dedication to enriching the lives of our customers and creating the best products and services in the world,” Cook said in a statement.

Ternus, who joined Apple in 2001, has recently overseen the company’s hardware engineering efforts and has played a key role in reigniting sales of products such as Apple’s Mac computers, which have gained market share in recent years.

“I am profoundly grateful for this opportunity to carry Apple’s mission forward,” Ternus said in a statement. “I have been lucky to have worked under Steve Jobs and to have had Tim Cook as my mentor.”

In naming Ternus chief executive, Apple is shifting from Cook, a supply chain guru who helped turn Apple into a global brand that churns out hundreds of millions of units per year, to a leader who has long focused on design and products.