Tim Cook has announced he will step down as Apple chief executive after nearly 15 years in the role, moving to executive chairman in September 2026. The company’s current head of hardware engineering John Ternus is set to succeed him. Mr Cook’s tenure marks one of the most successful leadership periods in corporate history, during which Apple’s annual profits grew to over $110bn and its market value expanded more than tenfold to around $4tn, driven largely by the sustained success of the iPhone and growth in services. Mr Cook, who joined Apple in 1998 and became CEO in 2011 following Steve Jobs’ death, was widely credited with building a highly efficient global supply chain and scaling Apple into a dominant consumer technology company. His leadership also saw the expansion of products and services including Apple Watch, AirPods and Apple TV+. In a statement, he said: “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”. Apple also said Monday that senior vice president of hardware technologies Johny Srouji will become chief hardware officer, succeeding Mr Ternus.
