Apple Names John Ternus CEO, Tim Cook to Become Executive Chairman on September 1
Apple's board on April 17 appointed hardware engineering chief John Ternus as the next CEO effective September 1, when Tim Cook will transition to executive chairman. Cook has led the company since 2011.
Apple's board on April 17 appointed John Ternus, the company's senior vice president of hardware engineering, as chief executive officer effective September 1, with Tim Cook transitioning to executive chairman the same day. The company disclosed the succession in an 8-K filing with the Securities and Exchange Commission and a press release issued Monday morning.
Cook will remain CEO through the summer before taking the chairman role. Art Levinson, Apple's chairman since 2011, will become lead independent director on the transition date. Ternus, 50, joined Apple in 2001 and has held his current role since 2021, overseeing hardware engineering for the iPhone, iPad, Mac, Apple Watch, AirPods, and Vision Pro.
In a separate announcement, Apple said Johny Srouji, who built the company's in-house silicon program, will take an expanded role as chief hardware officer, leading both hardware engineering and hardware technologies.
The handover
Cook has been Apple's CEO since August 2011, when he succeeded Steve Jobs. Apple's market capitalization was roughly $349 billion at the time. It crossed $4 trillion in 2024 and closed Monday at approximately $4.1 trillion.
The SEC filing describes the appointment as the product of "a thoughtful, long-term succession planning process" approved unanimously by the board. Apple said it will file an amendment within four business days containing Ternus's compensation terms, which the initial 8-K did not disclose.
Stock reaction
Apple shares opened at $270.33 on April 20 and closed at $273.06, up 1.1 percent on the day of the public announcement.
| Date | Close | Change |
|---|---|---|
| April 16 | $263.33 | — |
| April 17 (board action) | $270.21 | +2.6% |
| April 20 (public announcement) | $273.06 | +1.1% |
The cumulative move from the April 16 close through the announcement was +3.7 percent. The board's appointment of Ternus on April 17 was not disclosed publicly until Monday.
What changes on September 1
- Chief Executive Officer: John Ternus (from SVP, Hardware Engineering)
- Executive Chair: Tim Cook (from CEO)
- Lead Independent Director: Art Levinson (from Chair of the Board)
- Chief Hardware Officer: Johny Srouji (expanded role)
Apple's statement frames Cook's chairman role around external engagement, specifically citing work with "policymakers around the world." Ternus will join the board of directors on the same date.
The quotes
Cook, in the press release: "John Ternus has the mind of an engineer, the soul of an innovator, and the heart to lead with integrity and with honor."
Levinson: "We believe John is the best possible leader to succeed Tim."
Ternus: "I am profoundly grateful for this opportunity to carry Apple's mission forward."