Apple CEO Tim Cook will step down after 15 years at the helm of one of the world’s largest technology firms, the company announced on Tuesday (AEDT).

Cook would step down as CEO from the start of September and take on the role of executive chairman, Apple said.

He will be replaced as CEO by Apple veteran John Ternus, who is currently its senior vice-president of hardware engineering.

The 65-year-old Cook will continue in the top job for the coming four months and assist with the CEO transition, Apple said.

“It has been the greatest privilege of my life to be the CEO of Apple and to have been trusted to lead such an extraordinary company,” Cook said in a statement.

“I love Apple with all of my being, and I am so grateful to have had the opportunity to work with a team of such ingenious, innovative, creative and deeply caring people who have been unwavering in their dedication to enriching the lives of our customers and creating the best products and services in the world.”

Tim Cook’s career at Apple

Cook joined Apple's operations division in 1998, just a year after the company was allegedly weeks away from bankruptcy.

He was appointed CEO in 2011, succeeding the tech firm’s co-founder and former CEO Steve Jobs.

During his tenure, Cook has overseen the introduction of products such as Apple Watch, AirPods, and Apple Vision Pro, and services such as Apple Pay, Apple TV, and Apple Music.

His focus on services has grown that part of Apple’s business to be worth more than $139 billion ($US100 billion).

Since Cook took on the top job, Apple’s market capitalisation has ballooned from about $487 billion ($US350 billion) to $5.5 trillion ($US4 trillion), an increase of more than 1,000 per cent.

Apple’s yearly revenue has also nearly quadrupled in this time to $579 billion ($US416 billion) in the 2025 fiscal year.

Cook celebrated Apple’s 50th anniversary earlier this month, and the company now has more than 2.5 billion active devices globally.

“This is not goodbye. But at this moment of transition, I wanted to take the opportunity to say thank you,” he wrote to Apple customers.

“Not on behalf of the company, this time, though there is a wellspring of gratitude for you that overflows inside our walls.

“But simply on behalf of me. Thank you for the confidence and kindness you’ve shown me.”

John Ternus taking over as CEO

Cook’s successor Ternus joined Apple in 2001 and was appointed the vice-president of hardware engineering in 2013.

He said he was “profoundly grateful” to be taking on the role of CEO.


Apple's next CEO, John Ternus (left), with outgoing CEO Tim Cook (right) at the company's headquarters. Image: Apple / Supplied

“Having spent almost my entire career at Apple, I have been lucky to have worked under Steve Jobs and to have had Tim Cook as my mentor,” Ternus said in a statement.

“It has been a privilege to help shape the products and experiences that have changed so much of how we interact with the world and with one another.

“I am filled with optimism about what we can achieve in the years to come, and I am so happy to know that the most talented people on earth are here at Apple, determined to be part of something bigger than any of us.”

The CEO change has been unanimously approved by Apple’s board of directors after a “thoughtful, long-term succession planning process”, the company said in a statement.

“Tim’s unprecedented and outstanding leadership has transformed Apple into the world’s best company,” Apple non-executive chairman Arthur Levinson said in a statement.

“He’s introduced groundbreaking products and services time and again, and his integrity and values are infused into everything Apple does.

“We believe John is the best possible leader to succeed Tim and as he transitions to CEO we know his love of Apple, his leadership, deep technical knowledge and relentless focus on creating great products will help lead to an extraordinary future.”

Chip chief Srouji takes over from Ternus

Apple also announced that company executive Johny Srouji will be taking on the role as chief hardware officer, effective immediately.


Apple's former senior vice president of hardware, Johny Srouji, replaces John Ternus as its chief hardware officer. Image: Apple / Supplied

“Johny is one of the most talented people I have ever had the privilege to work with,” Cook said.

“He has played a singular role in driving Apple’s silicon strategy, and his influence has been felt deeply not just inside the company, but across the industry.”

Under Srouji’s leadership, Apple’s two hardware teams are reportedly being combined, with five areas of focus: hardware engineering, silicon, advanced technologies, platform architecture, and project management.

Leaders for each of these branches have allegedly already been appointed.