Apple CEO Tim Cook to step down after 15 years

Tim Cook is stepping down as CEO of Apple on September 1, 2026. He will hand over leadership of the company to John Ternus, who currently serves as Apple’s senior vice president of hardware engineering. Cook first took over as CEO in August 2011, succeeding Steve Jobs.

During Cook’s 15-year tenure, Apple transitioned from a hardware-focused business into a global services and device ecosystem. Under his leadership, the company’s market capitalization increased tenfold, passing the $1 trillion mark in 2018, $2 trillion in 2020, $3 trillion in 2022, and $4 trillion in 2025. Cook expanded Apple’s retail presence in China and added roughly 200 stores to its global network.

Key financial milestones from Cook’s tenure include:

• Market valuation: Grew from just under $350 billion in August 2011 to a current valuation of $4 trillion.
• Net income: Reached $112 billion for the fiscal year ending September 2025, representing a 699% increase compared to September 2010.
• Total revenue: Hit $416.16 billion for the fiscal year ending September 2025.
• Services revenue: Generated $109.16 billion in the fiscal year ending September 2025, supported by an estimated 818 million Apple Pay users globally and over 112 million Apple Music subscribers.

Cook’s product legacy includes expanding Apple’s hardware lineup with the Apple Watch in 2015, AirPods in 2016, and the acquisition of Beats in 2014. He also oversaw the transition to Apple Silicon (Apple’s proprietary in-house processor chips) starting in 2020, a shift completed in 2023. More recently, Apple entered the AI era in 2024 with Apple Intelligence (Apple’s AI platform). However, the company has faced significant delays in launching its revamped AI-powered Siri, which is expected to roll out sometime this year. Additionally, the Apple Vision Pro, released in 2024, failed to resonate with consumers.

The leadership transition occurs as Apple continues to execute long-term infrastructure plans. Cook previously joined President Donald Trump to announce a $600 billion U.S. spending commitment, a four-year plan focused on domestic manufacturing and semiconductor and advanced technology supply chains. Cook also oversaw the completion of Apple Park, the company’s 175-acre headquarters that opened in 2017 and houses more than 12,000 employees.

Why it matters

Tim Cook’s departure ends a 15-year era that transformed Apple from a hardware-focused company into a $4 trillion services and ecosystem powerhouse, setting a high bar for incoming CEO John Ternus.