Tim Cook will step down as chief executive officer of Apple Inc. after more than a decade at the helm, marking the end of a transformative era for the world’s most valuable technology company.

The announcement, made on Monday, confirms that Cook will transition to the role of executive chairman of Apple’s board. He will remain CEO through the summer to ensure a smooth leadership handover.

“It has been the greatest privilege of my life to be the CEO of Apple,” Cook said, reflecting on his tenure leading the company through rapid growth and global challenges.

John Ternus Named as Next Apple CEO

Apple has named John Ternus, its senior vice president of hardware engineering, as the next CEO effective September 1.

Ternus, a longtime Apple insider who joined the company in 2001, has played a pivotal role in developing flagship products such as the iPad and AirPods. Most recently, he oversaw the launch of Apple’s low-cost MacBook Neo.

“I am humbled to step into this role,” Ternus said, pledging to uphold Apple’s vision and values as he prepares to lead the company into its next phase.

Cook’s Legacy: From iPhone Growth to $4 Trillion Giant

Cook took over leadership from Steve Jobs in 2011 and went on to redefine Apple’s identity beyond its iconic products like the iPhone and Mac.

Under his leadership, Apple expanded aggressively into services, wearables, and health technology. Products such as the Apple Watch and AirPods became global successes, while Apple’s services division grew into its second-largest revenue stream.

Cook also guided the company through major global events, including the COVID-19 pandemic and geopolitical tensions affecting supply chains and trade.

Ternus will assume leadership during a crucial period, with Apple reportedly preparing major product innovations, including a revamped Siri and a potential foldable iPhone.

Industry analysts say the pressure will be on for Apple’s new CEO to deliver immediate results, particularly in artificial intelligence and next-generation hardware.

Cook’s departure signals not just a leadership change, but a defining moment as Apple seeks to maintain its dominance in an increasingly competitive tech landscape.