Apple has announced a major leadership transition that could mark the beginning of a new chapter for the tech giant. The company confirmed that long-time CEO Tim Cook will step down from his role on September 1, 2026. Apple’s current Senior Vice President of Hardware Engineering, John Ternus, will succeed him as the next CEO and will also join the company’s board of directors.
Cook will remain in charge through the summer to ensure a smooth transition before moving into the role of Executive Chairman of Apple’s board. In this position, he will continue to support the company by working with global policymakers and advising on strategic matters.
Tim Cook joined Apple in 1998 and became CEO in 2011 following Steve Jobs. During his tenure, Apple introduced several iconic products and services, including Apple Watch, AirPods, Vision Pro, and iCloud. Under Cook’s leadership, Apple’s market capitalization grew dramatically from around $350 billion to nearly $4 trillion. Annual revenue also surged from $108 billion in fiscal year 2011 to $416 billion in fiscal year 2025.
Cook also oversaw Apple’s transition to its own custom silicon chips and the massive growth of Apple Services, which has evolved into a business generating more than $100 billion annually. Today, Apple operates in over 200 countries and territories and runs more than 500 retail stores worldwide.
The incoming CEO, John Ternus, has been a key figure in Apple’s hardware development for over two decades. He joined the company’s product design team in 2001, became Vice President of Hardware Engineering in 2013, and was promoted to Senior Vice President in 2021. Apple credits him with helping bring multiple product lines to market, including the iPad and AirPods, as well as overseeing numerous generations of iPhone, Mac, and Apple Watch devices.
Meanwhile, Apple also announced leadership changes across its hardware division. Johny Srouji will take on the newly expanded role of Chief Hardware Officer, leading the company’s hardware engineering teams.
According to Forbes, the leadership shake-up comes as Apple prepares for one of its most anticipated products in years — the rumored foldable iPhone. Industry leaks suggest the device, possibly called the iPhone Fold or iPhone Ultra, could debut in September 2026 alongside the iPhone 18 Pro lineup.
Recent dummy model leaks indicate the foldable iPhone may feature a wide, tablet-like display that unfolds into a screen similar in size to an iPad mini. While some reports claim production delays of one to two months, analysts believe Apple is still aiming for a fall launch, though initial supply could be limited.
With a new CEO and a potential foldable iPhone on the horizon, Apple may be entering a transformative era for its products and leadership.