Apple Inc. (NASDAQ: AAPL) announced that Tim Cook will transition to executive chairman and John Ternus will become chief executive officer, effective September 1, 2026, according to a company statement.

The board of directors unanimously approved the succession plan. Cook will continue as CEO through summer 2026 while working with Ternus on the transition. Ternus currently serves as senior vice president of Hardware Engineering.

As executive chairman, Cook will assist with company operations including engagement with global policymakers. Arthur Levinson, the current non-executive chairman for 15 years, will become lead independent director on September 1, 2026. Ternus will join the board of directors on the same date.

Cook joined Apple in 1998 and became CEO in 2011. Under his leadership, Apple's market capitalization grew from approximately $350 billion to $4 trillion, representing more than a 1,000% increase. Annual revenue increased from $108 billion in fiscal 2011 to more than $416 billion in fiscal 2025. The company expanded to more than 200 countries and territories and operates over 500 retail stores.

During Cook's tenure, Apple introduced product categories including Apple Watch, AirPods, and Apple Vision Pro, along with services such as iCloud, Apple Pay, Apple TV, and Apple Music. Apple Services grew to become a more than $100 billion business. The company's workforce increased by more than 100,000 employees, and its active installed base reached more than 2.5 billion devices.

Ternus joined Apple's product design team in 2001 and became vice president of Hardware Engineering in 2013. He joined the executive team in 2021 as senior vice president of Hardware Engineering. He has overseen hardware engineering across multiple product categories including iPad, AirPods, iPhone, Mac, and Apple Watch.