Tim Cook will step down as Apple CEO, moving to executive vice president of the tech giant’s board of directors in a massive corporate shift. John Ternus, SVP of Hardware Engineering, will become Apple’s next chief executive officer, effective September 1, 2026.
The transition, which was approved unanimously by the Board of Directors, follows “a thoughtful, long-term succession planning process,” the company said Monday. There’s been speculation for months that Cook might be stepping down with Ternus considered a leading contender to replace him.
Apple reports earnings April 30. Shares were down slightly, 0.5%, in after-hours trading, at about $271.
Cook, 65, will continue in his role as CEO through the summer as he works closely with Ternus on a smooth transition. As executive chairman, part of his role will include engaging with policymakers around the world.
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