Tim Cook has stepped down as chief executive of Apple after 15 years leading the company, according to a report by Fox Business.
Cook will remain at the company as executive chairman of the board of directors despite leaving the chief executive post. As expected, John Ternus, who previously served as senior vice president of hardware engineering, is taking over as chief executive.
During Cook's 15 years at the helm, Apple significantly expanded its product ecosystem and achieved major financial milestones. The company became the first publicly traded American corporation to reach a market capitalization of $1 trillion, and subsequently approached a valuation of $4 trillion as its revenue grew.
Market capitalization reflects the total stock market value of a company's outstanding shares. Reaching these historic financial thresholds underscored Apple's growth into one of the world's most dominant commercial enterprises.
Apple, based in Cupertino, California, is known globally for consumer technology including the iPhone, iPad, and Mac computers. The shift to executive chairman allows an outgoing leader to oversee long-term strategic direction while handing day-to-day operations to new executive leadership.
Growth under Cook and the legacy of Steve Jobs
Cook took charge of Apple in August 2011, assuming leadership shortly after co-founder Steve Jobs stepped down as chief executive. Jobs was the co-founder who returned to lead Apple through a historic turnaround, introducing groundbreaking devices before stepping aside shortly before his death later that year.
Cook first met Jobs in 1998 and joined Apple that same year. In his initial position at the firm, Cook was responsible for international operational processes, overseeing supply chains, vendor relationships, and manufacturing logistics that established Apple's global production model.
Ternus steps into the chief executive role after serving as senior vice president of hardware engineering. In that capacity, Ternus managed engineering teams responsible for device design and technical development across Apple's flagship product lines.
Farewell message to staff and international policy work
In a farewell message addressed to Apple employees, Cook emphasized that he was not leaving the company. He stated that he considered the shared achievements of Apple to be the result of hard work by the entire team.
Word of Cook's planned departure from the top executive post first became known in April 2026. Apple reported at the time that Cook would continue to assist with certain operational matters, including maintaining relations with politicians and policy makers worldwide.
