Apple has officially completed its chief executive transition this week, following the succession plan unanimously approved by the board of directors on April 20th. After nearly 15 years in the role, Tim Cook formally stepped down as CEO on August 31st. John Ternus, the senior vice president of Hardware Engineering, assumed the CEO position and joined the board of directors on September 1st. On the same day, Cook transitioned to the role of Executive Chairman, remaining active in company affairs with a key focus on engaging with policymakers across various countries. Former Non-Executive Chairman Arthur Levinson was concurrently appointed as the lead independent director. This move marks the execution phase of a previously established handover, not a newly announced personnel change this week.
According to Apple's official press release, this transition was the result of a long-term succession planning process, with Cook having worked closely with Ternus throughout the summer to ensure a smooth handover. During the earnings call on July 30th, Cook had already confirmed that it would be his final performance briefing as Chief Executive Officer.
In its official statement, Apple highlighted the key metrics achieved during Cook's tenure: the company's market capitalization surged from approximately $350 billion to over $4 trillion, a more than tenfold increase; and fiscal year revenue grew from $108 billion in fiscal 2011 to over $416 billion in fiscal 2025. The product lineup, including the Apple Watch, AirPods, and Vision Pro, along with the expansion of the services business—now described as a segment exceeding $100 billion in scale—were all cited as landmark achievements under Cook's leadership.
On the day the transition was announced, Cook sent an open letter to users, stating that he would be leaving the CEO position in September to assume the role of Executive Chairman, emphasizing that this was "not a goodbye." In his letter, he praised Ternus as an "exceptional engineer and thinker" who has spent 25 years working on products at Apple, obsessed with "every single detail," and called him the right person for what Cook described as "the best job in the world." Cook also sent an internal memo to employees, reaffirming that Ternus would be the new Chief Executive Officer.
John Ternus's journey to the top began when he joined Apple's product design team in 2001. He was appointed Vice President of Hardware Engineering in 2013 and was promoted to Senior Vice President and a member of the executive team in 2021. The company credits him with deep involvement in the development of multiple generations of the iPhone, Mac, iPad, Apple Watch, and AirPods. Earlier this year, in March, he unveiled the MacBook Neo at a launch event in New York. Prior to his promotion, the hardware engineering division had already been restructured: Johnny Srouji was appointed Chief Hardware Officer, with responsibilities covering both the hardware engineering and hardware technologies groups.
Apple has sent out invitations for a campus event on September 9th, themed "Surprise and shine," with live streaming online. This will be Ternus's first autumn product launch as CEO. The public invitation does not list specific product models. While outside reports speculate on the possibility of the iPhone 18 Pro series, the first foldable phone, and a new generation of Apple Watch, these remain unconfirmed market expectations and should not be considered official specifications.
The press release describes the Executive Chairman's responsibilities somewhat broadly, outlining assistance with various aspects of the company, including engagement with policymakers, but it does not specify a term limit or a detailed breakdown of duties. Some commentary, citing anonymous sources, suggests Ternus believes the product design needs a major overhaul and that Cook may retain a role in external affairs, such as its relationship with the White House. These assessments come from unofficial channels and are not part of company documents.
On August 23rd, a farewell event was held at Apple Park for Cook to mark his 15 years of service, attended by roughly 200 employees and guests. This was an internal event and involves no new governance decisions. The transition was completed on September 1st, with the launch event scheduled for eight days later. The final product list, the day-to-day role of the Executive Chairman, and any potential shifts in design strategy all remain subject to Apple's official filings, which have not yet been updated.