Apple’s senior vice president of hardware engineering, John Ternus, is set to take over as CEO later this year. This announcement comes as current CEO Tim Cook revealed on Monday that he would be stepping down.
Cook is transitioning to the role of executive chairman of the board. The company characterized this shift as the result of a “thoughtful, long-term succession planning process,” with unanimous approval from the board.
In a statement, Cook expressed his gratitude, saying, “Becoming CEO of Apple and being trusted to lead such an extraordinary company has been the greatest privilege of my life.” He further shared his deep affection for Apple and appreciation for the creative and dedicated team he has worked with over the years.
The upcoming leadership change marks the first CEO shift at Apple in 15 years, a position Cook has held since succeeding co-founder Steve Jobs.
Ternus will officially become CEO on September 1 and will also join the Board of Directors. He expressed his thanks for the chance to further Apple’s mission, highlighting his nearly lifelong career with the company, during which he was fortunate to work under both Jobs and Cook.
Since joining Apple in 2001, Ternus has taken on various roles, becoming vice president of hardware engineering in 2013 and later a senior vice president. He has led significant projects, including the development of the MacBook Neo and the iPhone 17, and was instrumental in innovations like active noise cancellation in AirPods and new manufacturing techniques focused on sustainability.
Ternus shared enthusiasm about the future, saying, “I am honored to take on this role and am committed to leading with the values and vision that have come to define this special place for half a century.” He previously worked as a mechanical engineer at Virtual Research Systems and holds a mechanical engineering degree from the University of Pennsylvania.
Cook praised Ternus, stating he embodies “the heart of an engineer, the soul of an innovator, and the heart to lead with integrity and honor.” He firmly believes Ternus is the right person to guide Apple moving forward.
After the announcement, Apple shares experienced a slight dip of less than 1% in after-hours trading. Some analysts considered this reaction expected, noting that Cook is approaching retirement age and Ternus has long been viewed as a potential successor.
Rick Meckler from Cherry Lane Investments noted that a temporary decline in stock prices was unsurprising in light of the news. He and others speculated that Cook would only step down if the company were in a good financial position.
Ternus will take the helm as Apple faces increasing scrutiny from regulators globally, including a significant lawsuit by the U.S. Department of Justice, alleging monopolistic practices related to the control of the iPhone and competition stifling.
