Tim Cook begins handover; John Ternus named Apple CEO as company signals software-first shift

Apple said on April 20 that Tim Cook will step down as chief executive on September 1 and hand the job to John Ternus. (apple.com) Cook will become executive chairman of Apple’s board on the same date, and Ternus will also join the board. Apple said its directors approved the succession plan unanimously. (apple.com) (sec.gov) The board made the appointment on Friday, April 17, according to Apple’s Form 8-K, and Cook will remain chief executive through the summer to manage the handover. (sec.gov) (apple.com) Ternus, 50, has worked at Apple since 2001 and has led hardware engineering since 2021. Reuters said he has been central to Mac, iPad and AirPods development and has recently taken a more public role. (reuters.com) (apple.com) Apple paired the succession with another hardware reshuffle. CNBC reported that Johny Srouji was named chief hardware officer and took over hardware engineering in an expanded role. (cnbc.com) (apple.com) Cook took over from Steve Jobs in 2011, and CNBC said Apple’s market value had risen more than 20-fold by the April 20 close to about $4 trillion. Apple said Cook will keep handling some company matters, including work with policymakers. (cnbc.com) (apple.com) Reuters said the handoff lands as Apple faces pressure to show stronger artificial-intelligence products after investors worried that the company has lagged rivals. The report said integrating better artificial intelligence into the iPhone and Siri may be Ternus’s hardest early test. (reuters.com) Apple framed the move as a long-planned succession, not an abrupt break. On September 1, Arthur Levinson is set to become lead independent director as Cook moves upstairs and Ternus becomes Apple’s eighth chief executive. (apple.com)