Tim Cook to step down Sept 1

Apple said Tim Cook will step down as chief executive on September 1, 2026, and hand the job to hardware chief John Ternus. (apple.com) (sec.gov) Cook will become executive chairman of Apple’s board on the same date, while Ternus will also join the board as chief executive. Apple said the board approved the transition unanimously after a long-term succession process. (apple.com) (sec.gov) Ternus is Apple’s senior vice president of Hardware Engineering and has spent 25 years at the company. CNBC reported he has overseen hardware work on iPads, AirPods and recent iPhone models. (apple.com) (cnbc.com) Cook has run Apple since August 2011, after succeeding co-founder Steve Jobs. Bloomberg reported Apple’s market value grew from just under $350 billion when Cook took over to about $4.01 trillion this month. (apple.com) (bloomberg.com) Apple said Cook will stay on through the summer to work closely with Ternus on the handoff. In Apple’s announcement, Cook said Ternus has the “mind of an engineer” and “the heart to lead with integrity and with honor.” (apple.com) The transition lands one day before Apple’s next big investor checkpoint. Apple’s investor relations site says the company will report fiscal second-quarter results on Thursday, April 30, 2026, at 5 p.m. Eastern. (investor.apple.com) Apple shares were recently indicated at a previous close of $270.71 on CNBC’s quote page, giving the company a market capitalization near $3.974 trillion ahead of that call. (cnbc.com) The handoff keeps Apple’s recent pattern of promoting from inside its top ranks. The company’s filing says Arthur Levinson will become lead independent director when Cook moves into the executive chairman role. (sec.gov) (cnbc.com) Cook’s last months as chief executive now run on a fixed calendar: summer transition, September 1 handoff, and an earnings call on April 30 that will be the first since Apple named his successor. (apple.com) (investor.apple.com)