Apple Inc. announced Monday that John Ternus, senior vice president of hardware engineering, will become the company's chief executive officer on September 1. Ternus will succeed Tim Cook, who is stepping down as CEO after nearly 15 years leading the iPhone maker. Cook will transition into the role of executive chairman of Apple's board, though he will no longer manage the company's day-to-day operations. The board approved the transition unanimously.
Cook, 65, took over the position from the late Steve Jobs in 2011. During his tenure, he is credited with expanding Apple's product line and overseeing a period of sustained growth. Under his leadership, Apple's market capitalization rose from $348 billion to approximately $4 trillion, and annual revenue quadrupled to $416 billion. Cook stated that it has been the greatest privilege of his life to be the CEO of Apple.
Ternus, 50, has served as the head of hardware engineering since 2021 and oversees roughly 80% of Apple's revenue-generating products. A longtime Apple insider focused on design and products, Ternus is expected to bring fresh energy to the Cupertino, California, company. He will lead the organization as it prepares for industry changes spurred by artificial intelligence.