Apple Inc. has announced that chief executive officer Tim Cook will step down in September, handing over leadership of the tech giant to longtime executive John Ternus.
The move brings clarity to ongoing speculation succession plans for the 65-year-old Cook, who will transition to the role of executive chairman of the board.
“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,” Cook said in a statement.
Cook joined Apple in 1998 and rose through the ranks, serving as chief operating officer where he played a key role in managing the company’s global supply chain. He was appointed CEO in 2011 following the departure of co-founder Steve Jobs due to health concerns.
During his tenure, Cook oversaw significant growth, expanding Apple’s product portfolio and driving its market value to approximately $4 trillion. He also spearheaded the strategy that established China as the primary manufacturing hub for Apple devices, with production largely handled by partners such as Foxconn.
Outgoing board chairman Arthur Levinson praised Cook’s leadership, saying it had transformed Apple into “the world’s best company,” adding that his values and integrity are embedded throughout the organisation. Levinson will remain involved as lead independent director.
Ternus, who joined Apple’s product design team in 2001, has served as senior vice president of hardware engineering. He has contributed to the development of several flagship products, including the iPhone, iPad, Apple Watch and Mac computers.
“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,” Ternus said.
The leadership transition comes as Apple marks its 50th anniversary, at a time when the company faces mounting pressure to assert itself in the rapidly evolving artificial intelligence space. Competitors such as Google, Microsoft and OpenAI have accelerated their AI developments, raising concerns among investors about Apple’s pace.
Analysts have pointed to recent challenges, including delays to an upgraded version of the Siri and the company’s reliance on external partnerships for AI capabilities.
While Cook successfully guided Apple into new product categories such as wearables and wireless audio, critics note the absence of a breakthrough innovation on the scale of earlier milestones under Jobs.
The company has also faced setbacks in recent years, including the cancellation of a multi-billion-dollar self-driving electric vehicle project in 2024, early issues with Apple Maps, and limited market traction for the high-priced Apple Vision Pro.
Industry analysts say Ternus will face immediate pressure to deliver results, particularly in advancing Apple’s artificial intelligence strategy as competition intensifies.