Apple CEO Tim Cook is stepping down after nearly 15 years leading the company, marking the end of a transformative era that saw Apple’s market value surge by more than $3.6 trillion.
, who took over after Steve Jobs in 2011, will formally hand over the CEO role on September 1.
“It has been the greatest privilege of my life to be the CEO of Apple,” said.
“I love Apple with all of my being.”
, continuing to be involved with the company.
John Ternus named new CEO
has appointed , its senior vice president of hardware engineering, as Cook’s successor.
, who joined Apple in 2001, has led major hardware initiatives and played a key role in strengthening product lines including Mac computers.
The company said the move reflects a broader shift toward leadership focused on product design and innovation as Apple navigates the rise of artificial intelligence.
Cook’s tenure was defined by operational excellence and global supply chain efficiency, helping scale Apple into a mass-market technology giant.
Under Ternus, Apple is expected to lean more heavily into hardware design and product innovation, especially as the tech industry enters a new AI-driven cycle.
AI era driving leadership change
Apple said the leadership transition comes at a pivotal moment as the industry undergoes transformation driven by artificial intelligence.
Key executive changes announced
Alongside the CEO transition, also announced that Johny Srouji, head of Apple’s custom silicon efforts, has been named chief hardware officer.
Srouji has been central to Apple’s chip development strategy, including the company’s in-house processors used across iPhones, iPads, and Macs.
Cook’s legacy
Cook inherited Apple during a period of uncertainty following but oversaw one of the most profitable expansions in corporate history.
He helped solidify the iPhone as Apple’s core revenue driver while expanding services and hardware ecosystems globally.
Despite comparisons to J, Cook is credited with turning Apple into one of the world’s most valuable companies.
With Ternus at the helm, Apple enters a new phase focused on hardware evolution, AI integration, and next-generation product strategy.
The leadership change marks one of the most significant transitions in the company’s modern history.
(With AP, Reuters inputs)