Apple announced that Tim Cook will step down as chief executive on September 1, ending a tenure of nearly 15 years, with John Ternus, the company's senior vice president of hardware engineering, named as his successor. Cook will transition to executive chairman, according to the Apple Newsroom statement reported by The Next Web. Source: https://thenextweb.com/news/tim-cook-steps-down-apple-ceo-john-ternus

The board of directors approved the succession unanimously, according to the announcement. Arthur Levinson, who has served as non-executive chairman for 15 years, will become lead independent director when the transition takes effect, The Next Web reported, citing Apple's statement.

The financial arc Cook leaves behind

The Next Web reports that Apple's market capitalization grew from $348 billion at the start of Cook's tenure to roughly $4 trillion, and that annual revenue quadrupled to $416 billion during the same period. DeepBrief has not independently verified those figures against Apple's most recent 10-K; the company's fiscal 2024 annual report is the last filing available for cross-reference at the time of writing.

Cook succeeded Steve Jobs in August 2011 and will become the second Apple CEO to transition into a chairman role rather than depart outright. According to The Next Web, Cook's chairman remit will focus on policy engagement and regulatory relationships — a portfolio shaped by enforcement actions Apple faces across multiple jurisdictions, including the European Union's Digital Markets Act proceedings and ongoing U.S. antitrust litigation.

John Ternus has the mind of an engineer, the soul of an innovator, and the heart to lead with integrity and with honour.

That statement from Cook was published in the Apple Newsroom release and cited by The Next Web. The outlet also notes that Cook told ABC's Good Morning America on March 17 that reports of his departure were "a rumour" and that he "can't imagine life without Apple" — a public posture that preceded today's announcement by roughly five weeks.

Ternus's hardware-first résumé

The Next Web reports that Ternus, 50, joined Apple in 2001 and worked first on the Cinema Display before rising through the hardware organization. He oversaw development of AirPods, iPad, and Mac hardware, took charge of iPhone hardware in 2020, and added Apple Watch to his portfolio in late 2022. He was promoted to senior vice president of hardware engineering in 2021, succeeding Dan Riccio, who moved to lead the Vision Pro program.

According to The Next Web's summary of Ternus's current portfolio, the products under his engineering oversight account for approximately 80% of Apple's revenue. That share makes him the most operationally exposed internal candidate for the role, though his background is concentrated in hardware rather than services, software, or AI — the three areas where Apple's competitive position has drawn the most scrutiny over the past 18 months.

The AI and executive-bench inheritance

Ternus takes the CEO seat at a company that has lost multiple senior executives in recent quarters. The Next Web's summary references departures including Apple's chief operating officer, general counsel, AI chief, chief financial officer, and head of design. DeepBrief has not independently reconciled the full list of departure dates against Apple's Section 16 filings; readers should treat the aggregate characterization as attributed to The Next Web pending further corroboration.

Apple's position in generative AI has been a recurring theme in analyst commentary since the delayed rollout of Apple Intelligence features announced at WWDC 2024. The company has not disclosed standalone revenue attributable to Apple Intelligence, and its most recent earnings call did not break out AI-specific contribution to Services or Products segment revenue. Ternus inherits that disclosure posture alongside the competitive question of how Apple's on-device and partner-model strategy compares to the capital expenditure and model-development pace of Tier 1 AI labs.

The executive transition lands the same week as other senior AI-industry moves DeepBrief has tracked, including Kevin Weil's departure from OpenAI as the company folded its AI science unit into Codex, and Novartis CEO Vasant Narasimhan's appointment to Anthropic's board.

What remains unverified

DeepBrief notes the following items as reported but not yet independently confirmed against primary filings: the exact composition and timing of the executive departures referenced in the summary; the $348 billion-to-$4 trillion market-capitalization figures as stated; and the revenue quadrupling claim. The Apple Newsroom release cited by The Next Web is the primary on-the-record source for the CEO transition itself, the September 1 effective date, and the chairman role. A Form 8-K filing from Apple disclosing the CEO change would be the expected confirmatory document; DeepBrief is monitoring EDGAR for that filing.

Sources: https://thenextweb.com/news/tim-cook-steps-down-apple-ceo-john-ternus ; Apple Newsroom release as cited therein: https://www.apple.com/newsroom/2026/04/tim-cook-to-become-apple-executive-chairman-john-ternus-to-become-apple-ceo/