Apple taps hardware veteran Ternus to succeed Cook as CEO

Published: 2026-04-21 01:48:46 ET AAPL

Published on 04/21/2026 at 01:48 am EDT

STORY: :: Apple

Apple on Monday named longtime hardware boss John Ternus as its next CEO.

In a statement, Apple said the senior vice president of hardware engineering will take over September 1 while Tim Cook will stay on as executive chairman.

Ternus, who joined Apple in 2001, has played a central role in reviving products such as the Mac, which has gained market share against PCs.

Though he has kept a low public profile, he has been deeply involved in shaping Apple's biggest products such as iPads and AirPods.

Apple shares fell around half a percent in extended trade after the news broke.

:: Apple

Stock prices have soared 20-fold since Cook took over as CEO in August 2011.

He boosted Apple's market value by $3.6 trillion in his 15 years at the helm.

Cook also made his early reputation at Apple by building out its sprawling supply chain with contract manufacturers in China.

:: Apple

That meant expensive factory operations and product inventories were mostly kept off Apple's books while maximizing profits.

The leadership change comes at a crucial time for Apple.

It was dethroned by AI chipmaker Nvidia as the most valuable company, as investors have fretted over its lack of innovation in the technology.

Integrating AI into the iPhone - the most successful consumer product in history - may be Ternus' hardest challenge.

Apple helped introduce AI to the public in 2011 with Siri.

But more than a decade later, it has yet to produce AI related hits while emerging rivals like OpenAI's ChatGPT have drawn hundreds of millions of users.