Tim Cook officially steps down as Apple CEO after 15 years

• Photo courtesy of Apple.

Tim Cook has officially stepped down as Apple’s chief executive officer after 15 years at the helm, handing leadership of the technology giant to longtime Apple executive John Ternus.

The transition took effect on September 1, with Ternus formally assuming the CEO position and joining Apple’s board of directors. Cook is staying with the company as executive chairman of the board. Apple

Cook marked his final day as CEO with a message to the Apple community.

“Sending lots of love to the Apple community on my last day as CEO. My title changes tomorrow, but the love I have for the Apple community never will. Thank you for being a constant source of inspiration. My gratitude is endless, and I’m excited for the next chapter!” Cook wrote.

Cook stays at Apple

Although Cook no longer leads Apple as CEO, he will remain closely involved with the company.

As executive chairman, Cook will assist with certain aspects of the company, including its engagement with policymakers around the world, according to Apple. Apple

Cook’s annual salary as executive chairman will be $2 million, effective September 26, 2026. Apple has also approved an equity award for Cook with a target value of $45 million, to be granted in fiscal 2027. Half will consist of performance-based restricted stock units, while the other half will consist of time-based units that vest in installments over four years. U.S. Securities and Exchange Commission

Cook received approximately $74.6 million in reported total compensation in 2024 and $74.3 million in 2025. Each total included a $3-million salary, a $12-million incentive payment, stock awards and other compensation. Apple’s 2026 proxy statement

John Ternus takes over

Ternus, Apple’s former senior vice president of Hardware Engineering, officially became CEO on September 1.

He joined Apple’s product design team in 2001 and became a vice president of Hardware Engineering in 2013. Throughout his tenure, he has overseen hardware engineering work on products including the iPhone, Mac and Apple Watch and helped introduce product lines such as the iPad and AirPods. Apple

Ternus’s annual salary increased to $3 million when he became CEO. He also received a prorated restricted stock unit award with a target value of $2.5 million for his CEO service during fiscal 2026.

Apple has approved a separate annual equity award for Ternus with a target value of $55 million, to be granted in fiscal 2027. Seventy-five percent will consist of performance-based restricted stock units, while 25% will consist of time-based units that vest in installments over four years. U.S. Securities and Exchange Commission

The leadership change marks Apple’s first CEO transition since 2011, when Cook succeeded co-founder Steve Jobs.

During Cook’s tenure, Apple expanded beyond its established Mac and iPhone businesses, introducing products and services including Apple Watch, AirPods, Apple Music, Apple TV+, Apple Pay and Vision Pro.

Apple said its market capitalization grew from approximately $350 billion when Cook took over to about $4 trillion by the time the leadership transition was announced in April 2026. Apple

Cook’s move to executive chairman ends his 15-year tenure as Apple CEO, but he will remain involved in certain company matters as Ternus begins a new era of leadership.