After more than a decade at the tentpole of one of the world's most lucrative tech companies, Tim Cook is stepping down as the CEO of Apple.
The company announced that the 65-year-old will leave the position after being named CEO in 2011. He first joined Apple in 1998 and will continue as the executive chairman of its board of directors.
John Ternus will instead take on the role of CEO, with the 51-year-old being promoted to the position effective on September 1, 2026.
© Getty ImagesWho is John Ternus?
Currently, John is the senior vice president of Hardware Engineering. He joined the Apple team in 2001 as a member of the product design team, working his way up the ranks to become a VP of Hardware in 2013.
He was promoted to the executive team as senior VP in 2021, and has worked on the introductions of multiple new product lines and generations for the iPad, AirPods, iPhone, Mac, and Apple Watch. He was also behind the launch of the new Macbook Neo, the most affordable version of the product on the market.
John has a mechanical engineering degree from the University of Pennsylvania, and before Apple, he worked with Virtual Research Systems as a mechanical engineer.
© AppleTim's statement
In an official release from Apple, Tim stated: "It has been the greatest privilege of my life to be the CEO of Apple and to have been trusted to lead such an extraordinary company."
"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."
Of his successor, he continued: "John Ternus has the mind of an engineer, the soul of an innovator, and the heart to lead with integrity and with honor. He is a visionary whose contributions to Apple over 25 years are already too numerous to count, and he is without question the right person to lead Apple into the future."
© Apple"I could not be more confident in his abilities and his character, and I look forward to working closely with him on this transition and in my new role as executive chairman."
John's statement
John's statement was also included as part of the release, which read in part: "I am profoundly grateful for this opportunity to carry Apple's mission forward. Having spent almost my entire career at Apple, I have been lucky to have worked under Steve Jobs and to have had Tim Cook as my mentor."
"It has been a privilege to help shape the products and experiences that have changed so much of how we interact with the world and with one another. I am filled with optimism about what we can achieve in the years to come, and I am so happy to know that the most talented people on earth are here at Apple, determined to be part of something bigger than any one of us."
© Getty ImagesWhat is Tim's net worth?
The release also notes that Tim, in his duration as CEO, led Apple from a valuation of $350 billion to a whopping $4 trillion, and his personal net worth certainly reflects as much.
Per Forbes as part of their "World's Richest" list in 2026, Tim's net worth stands at an impressive $2.8 billion, a $300 million rise from 2025.
