Apple Inc. (NASDAQ:AAPL) made a CEO transition announcement after Monday’s closing bell: Tim Cook will step down as CEO and transition to the role of executive chairman, while John Ternus — currently senior vice president of Hardware Engineering — will take over as CEO.

Both changes take effect Sept. 1, 2026, following a unanimous board vote. Cook will remain CEO through the summer to ensure a smooth handoff.

“It has been the greatest privilege of my life to be the CEO of Apple and to have been trusted to lead such an extraordinary company,” Cook said in a statement.

“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 added.

Under Cook’s leadership, Apple’s market cap grew from roughly $350 billion to $4 trillion, annual revenue nearly quadrupled to over $416 billion, and the company expanded to more than 200 countries.

He oversaw the launch of products like Apple Watch, AirPods and Apple Vision Pro, the buildout of a services business now worth more than $100 billion, and a full transition to Apple-designed silicon.

Cook applauded Ternus’ contributions to Apple and professed his utmost confidence in his ability to lead the company as its next CEO.

“John Ternus has the mind of an engineer, the soul of an innovator, and the heart to lead with integrity and with honor. He is a visionary whose contributions to Apple over 25 years are already too numerous to count, and he is without question the right person to lead Apple into the future,” Cook said.

Ternus is a 25-year Apple veteran who joined in 2001 and has been a core force behind hardware engineering across iPhone, Mac, iPad and AirPods.

He was elevated to the executive team in 2021. Under his leadership, Apple has pushed boundaries in product design, durability, materials science and hearing health technology.

“I am profoundly grateful for this opportunity to carry Apple’s mission forward,” said Ternus.

AAPL Price Action: Apple shares were up 1.04% during regular trading and down 0.84% in after-hours trading on Monday, last trading at $270.76, according to Benzinga Pro data.

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