Apple Inc. announced Monday that Tim Cook will step down as chief executive, with John Ternus set to take over the role as Cook transitions to company chairman.
Cook leaves the CEO role after presiding over an expansion period that saw Apple’s market value surge to $4 trillion, marking more than a twentyfold increase during his tenure, according to the announcement. Company filings show he received $74.6 million in total compensation last year, including a $3 million base salary and significant stock awards, while estimates place his net worth near $3 billion.
“It has been the greatest privilege of my life to be the CEO of Apple and to have been trusted to lead such an extraordinary company. I love Apple with all of my being,” Cook said. “John Ternus has the mind of an engineer, the soul of an innovator, and the heart to lead with integrity and with honor. He is a visionary whose contributions to Apple over 25 years are already too numerous to count, and he is without question the right person to lead Apple into the future. I could not be more confident in his abilities and his character.”
Cook, who took over in 2011 following Steve Jobs, built his reputation as an operations-focused executive, reshaping Apple’s global manufacturing and logistics network after joining in 1998. Cook oversaw the launch of new product categories such as the Apple Watch, AirPods, and Vision Pro, along with the expansion of services like iCloud, Apple Pay, Apple TV, and Apple Music.
CUPERTINO, CALIFORNIA – SEPTEMBER 09: Apple CEO Tim Cook speaks during the keynote address at an Apple special event on September 09, 2025 in Cupertino, California. Apple will announce a new generation of iPhones during a special event at Apple headquarters. (Photo by Justin Sullivan/Getty Images)
During his tenure, Apple’s market value rose from about $350 billion to $4 trillion, while annual revenue grew from $108 billion in 2011 to more than $416 billion in 2025. The company also significantly expanded its global presence to more than 200 countries and territories, increased its retail footprint to more than 500 stores, and grew its workforce by over 100,000 employees, with an installed base surpassing 2.5 billion active devices worldwide. (RELATED: Apple Announces $500 Billion Investment In America Days After CEO Meets With Trump)
Ternus, 50, takes over after more than two decades at Apple, where he led engineering efforts behind core products such as the iPhone, iPad, Mac, Apple Watch, AirPods, and Vision Pro. He joined the company in 2001 and steadily rose through the ranks.
“I am profoundly grateful for this opportunity to carry Apple’s mission forward,” Ternus said. “Having spent almost my entire career at Apple, I have been lucky to have worked under Steve Jobs and to have had Tim Cook as my mentor. It has been a privilege to help shape the products and experiences that have changed so much of how we interact with the world and with one another.”
Apple also said Johny Srouji will take on the role of chief hardware officer, assuming broader oversight of hardware engineering and stepping into responsibilities previously held by Ternus as part of the executive transition.
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