Tim Cook steps down as Apple CEO: After a staggering 15-year run that wrote Apple’s history on Wall Street, Tim Cook is stepping down as Apple CEO on September 1, 2026. Handing the reins to Chief John Ternus, Cook leaves behind a legacy defined by a nearly 1900% Apple stock surge and a transition from a multi-billion to a multi-trillion-dollar company.

Market cap growth & stock performance

When Cook officially took the helm in August 2011, Apple’s market cap hovered at around $350 billion. Currently, as of April 22, 2026, that figure sits at a towering $3.91 trillion. Under his watch, the tech giant hit its first $1 trillion milestone in August 2018, doubled to $2 trillion by August 2020, neared $3 trillion in January 2022, and briefly crossed the historic $4 trillion mark in October 2025.

Ahead of the sudden transition news, Apple Inc. shares on the Nasdaq Composite closed at $273.05 on Monday, cementing around a 1900% gain over Cook's tenure. Meanwhile, in the last session, Apple shares on Tuesday declined 2.52% to close at $266.17 per share after the company confirmed the succession plan.

According to an official Apple press release, Cook would transition to executive chairman of the board, working closely on a smooth transition through the summer. John Ternus, currently the Senior Vice President of Hardware Engineering, will assume the top job.

Cook said in the release, “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.”

“John Ternus has the mind of an engineer, the soul of an innovator, and the heart to lead with integrity and with honor,” Cook added.

Ternus, stepping into the shoes, said, “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,” Ternus said.