Apple CEO Tim Cook is stepping down from the top job to serve as executive chairman of the company's board of directors. He will be replaced by current senior vice president of hardware engineering, John Ternus, the company announced in a press release.

Cook will serve as CEO until Ternus takes the top job on September 1. The company notes that as executive chairman, Cook will continue to engage with "policymakers around the world," likely leaving him in charge of relationships with the Trump administration, China, India, and other areas where Apple has manufacturing and political interests.

Cook, 65, originally joined Apple in 1998 from Compaq. He was handpicked by Steve Jobs to become CEO in 2011, and became known for turning Apple's supply chain operation into a well-oiled international machine. Apple's press release highlights that during Cook's Tenure, "Apple has grown from a market capitalization of approximately $350 billion to $4 trillion, representing a more than 1,000% increase, and yearly revenue has nearly quadrupled, from $108 billion in fiscal year 2011 to more than $416 billion in fiscal year 2025."

“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 the release. "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... I could not be more confident in his abilities and his character, and I look forward to working closely with [Ternus] on this transition and in my new role as executive chairman.”

Ternus has worked at Apple for over 25 years and has served as an increasingly visible hardware mind in Cupertino, most recently showcasing the iPhone Air and the MacBook Neo. He also oversaw the Mac's shift to Apple Silicon and away from Intel.

Ternus began at Apple in 2001 on the product design team and rose through the ranks, overseeing hardware engineering across multiple products, including the introduction of the iPad and AirPods. Before working at Apple, he worked as a mechanical engineer at Virtual Research Systems. He holds a bachelor's degree in Mechanical Engineering from the University of Pennsylvania.

At 50 years old, Ternus is the same age that Cook was when he became chief executive, affording him stability and a long tenure. He will serve as Apple's eighth CEO.

Cook's legacy is likely to be one that was safe and extremely profitable. While showing off his supply chain mastery, he also introduced Apple to the services business, including Apple TV and Apple News, which has become a sector worth more than $100 billion in its own right. During Cook's leadership, the company debuted the Apple Watch, Apple Vision Pro, and Apple Silicon Macs. Cook also promised to reduce the company's carbon footprint, including a goal to become carbon neutral by 2030.

But under Cook, Apple also faltered with artificial intelligence, and the company hasn't been on the cutting edge of the latest technology. Apple is expected to release an update to its Siri voice assistant later this year, but it will have been several times delayed and will be based on Google's Gemini model.

When he becomes CEO, Ternus will join the company's board of directors. Arthur Levinson, the company's non-executive chairman for the last 15 years, will become lead independent director.

Johny Srouji, senior vice president of hardware technologies, will immediately become chief hardware officer, leading the department that Ternus oversaw and getting a significantly expanded role. Srouji, who previously served at Intel and IBM, joined Apple in 2008 to lead development on A4, Apple's first system-on-a-chip, for the iPhone 4. Last year, Bloomberg reported that Srouji was looking for a bigger role or would consider leaving. Srouji told staff he "didn't plan on leaving anytime soon."