A long-planned succession reshapes Apple’s leadership bench
Apple has confirmed that long-serving chief executive Tim Cook will hand the reins to hardware engineering boss John Ternus on 1 September, 2026, capping a 15-year tenure that saw the iPhone maker’s market value soar and ushering in a carefully choreographed leadership transition at a critical moment for the company.
Apple’s board of directors unanimously approved the transition, which the company described as the outcome of a long-term succession planning process. Cook will continue to lead the company tuntil September as he works alongside Ternus to ensure a smooth handover.
Ternus, 51, will also join Apple’s board of directors when he assumes the chief executive role. Arthur Levinson, who has served as Apple’s non-executive chairman for the past 15 years, will step into the role of lead independent director on the same date.
Apple also announced that Johny Srouji will become chief hardware officer, taking over from Ternus in an expanded role. Srouji, who most recently served as senior vice president of hardware technologies, will also lead hardware engineering.
Cook, 65, reflected on his tenure in a statement released by the company.
“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,” Cook said.
Cook added that Ternus has “the mind of an engineer, the soul of an innovator, and the heart to lead with integrity and with honour,” and that he could “not be more confident in his abilities and his character.”
Ternus, for his part, acknowledged the weight of the role in a separate statement.
“I am profoundly grateful for this opportunity to carry Apple’s mission forward,” Ternus said. “I have been lucky to have worked under Steve Jobs and to have had Tim Cook as my mentor.”
A long-time insider takes the helm
Ternus has spent a quarter-century at the company. He joined Apple’s product design team in 2001, became a vice president of hardware engineering in 2013, and was elevated to the executive team in 2021 as senior vice president of hardware engineering. Before Apple, he began his career as a mechanical engineer, designing virtual reality headsets at Virtual Research Systems, and holds a Bachelor of Science in mechanical engineering from the University of Pennsylvania.
Industry observers and Apple insiders had long regarded Ternus as the most likely candidate to succeed Cook, Fortune reported. Speculation intensified after Apple’s chief operating officer, Jeff Williams, once considered Cook’s natural successor, stepped down from operational responsibilities in July 2025.
Apple’s market capitalisation increased more than 20-fold under Cook’s watch, closing Monday at US$4 trillion. Apple’s services annual revenue also topped US$100 billion for the first time in fiscal 2025. Shares in Apple rose 1% to US$273.05 in New York on Monday before slipping in after-hours trading following the announcement, Financial Review reported.
The transition arrives at a pivotal moment for the Cupertino-based company. Apple has stumbled in recent years after making promises about Apple Intelligence and improvements to Siri that have yet to fully materialise, The Sydney Morning Herald reported. Earlier this year, it struck a deal with Google to use the web giant’s underlying AI technology to accelerate its progress.
As Cook exits, Apple faces numerous challenges, including an increasingly complex supply chain, geopolitical tensions, the Trump administration’s tariffs, and a memory crunch tied to soaring demand for AI chips. Ternus will become Apple’s eighth chief executive officer when he formally assumes the role on 1 September.
