Apple Inc. announced a major leadership transition, with Tim Cook stepping down as CEO on September 1, 2026, to become the executive chairman of the board. John Ternus, who joined Apple in 2001 and has served as the senior vice president of Hardware Engineering since 2021, will succeed Cook as CEO. Ternus has been instrumental in the development of key Apple products, including the iPhone, iPad, and AirPods. In his acceptance statement, he expressed gratitude for the opportunity to lead Apple and acknowledged Tim Cook as a mentor. Cook, who has been with Apple since 1998 and became CEO in 2011, oversaw the company's growth from a valuation of $350 billion to $4 trillion, and expanded its global presence significantly. He reflected on his time at Apple as a privilege, highlighting the dedication of the team and the impact of their innovations on customers worldwide.