By Megan Cerullo
Updated April 21, 2026 / 8:08 PM EDT / CBS News

Apple announced Monday that Tim Cook will step down as chief executive officer later this year and transition to the role of executive chairman, with John Ternus, senior vice president of hardware engineering, taking over as CEO on Sept. 1. Arthur Levinson will be replaced as chairman by Cook.

Ternus, who has been with Apple for about 25 years, was described by company leaders as a proven engineering executive ready to lead the company into its next phase. He said he is honored to take on the position after a career largely spent at Apple, noting that working under Steve Jobs and being mentored by Cook were formative influences.

Cook, 65, reflected on his time as CEO, calling it the greatest privilege of his life and praising the company’s employees for their creativity and dedication. He also lauded Ternus’s combination of technical acumen and leadership character as qualities that will serve Apple well going forward.

Cook became CEO in 2011 after succeeding Apple co-founder Steve Jobs. During nearly 15 years in the top role, he broadened Apple’s services business — including Apple Pay, Apple TV+ and Apple Music — which now produces more than $100 billion in annual revenue. Cook also presided over the launches of major hardware products such as the Apple Watch and AirPods.

Under Cook’s stewardship, Apple’s market value climbed by roughly $3.6 trillion.

Market observers said Ternus’s appointment will not be a surprise to many. Adam Crisafulli of Vital Knowledge noted that Ternus had been widely mentioned as the likely successor in recent months, and that selecting a hardware-focused executive signals how Apple continues to view its core identity.

At the same time, some analysts cautioned about the timing. Dan Ives of Wedbush Securities warned that Cook is departing at a pivotal moment for Apple, pointing to the company’s strategic shift around artificial intelligence as a reason the leadership change raises questions even if it makes sense on paper.

The company framed the move as a planned leadership transition that preserves continuity while positioning Apple to tackle its next set of priorities. Cook will remain closely connected to the company’s board and strategy in his new role as executive chairman.

Edited by Alain Sherter. The Associated Press contributed to this report.

Tim Cook has announced he will step down as CEO of Apple, and John Ternus — a 25‑year company veteran — is slated to take the top job on September 1. Reported by Jo Ling Kent, the move hands leadership to Apple’s senior vice president of hardware engineering, a longtime engineer who cut his teeth under cofounder Steve Jobs.

Within Apple, Ternus is credited with leading work on major products including the iPad, AirPods and Mac hardware. Colleagues say he balances quiet confidence with humility, stressing that leaders should assume they are capable yet remain open to learning from others. He has framed his role as building on past innovation, noting the company’s progress rests on the work of earlier teams and that products will continue to improve.

Industry analysts interpret the promotion as a clear signal that Apple intends to double down on devices and hardware. Veteran analyst Dan Ives argues the shift is designed to broaden Apple’s consumer reach globally and reinforce the company’s strength in its core product lines.

Ternus takes charge amid criticism that Apple has trailed competitors in artificial intelligence, and observers expect immediate pressure for visible strategic and product direction. One analyst said he will need to show results quickly — in the first 100 days and certainly within a year — to assure investors and the public he can steer the company forward.

Tim Cook departs after roughly 15 years at the helm, during which Apple’s market value grew to about $4 trillion. Ternus inherits that success but also faces rising headwinds: economic uncertainty, changing global trade dynamics and rapid AI advances from rivals. His early months as CEO will be watched closely as Apple aims to sustain growth and adapt to evolving challenges.