Apple CEO Tim Cook names replacement as he steps out of role

Tim Cook has stepped down from his role as Apple CEO, announcing John Ternus, Apple’s head of hardware engineering, as his replacement.

After 15 years as CEO of the global tech company, following the succession of Apple co-founder Steve Jobs, he made history as the first publicly gay CEO of a Fortune 500 company.

Cook came out on 30 October 2014 in an article for Bloomberg Businessweek, to which he wrote: “I’m proud to be gay, and I consider being gay among the greatest gifts God has given me.”

“I am so grateful to have had the opportunity” – Tim Cook on his tenure as Apple CEO

Cook described his service as the privilege of a lifetime. As per Apple’s official announcement, he said: “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.”

Announcing his successor, he continued: “John Ternus has the mind of an engineer, the soul of an innovator, and the heart to lead with integrity and with honour.”

Is Tim Cook still CEO of Apple?

He described Ternus as a “visionary”, honouring 25 years of service at the company and calling him worthy of the CEO title. “He is without question the right person to lead Apple into the future. I could not be more confident in his abilities and his character, and I look forward to working closely with him on this transition and in my new role as executive chairman.”

Ternus will become CEO on 1 September, having begun working at Apple in 2001. He previously worked under Steve Jobs and sees Tim Cook as a mentor. Cook will remain CEO until then.

“I am profoundly grateful for this opportunity to carry Apple’s mission forward,” said Ternus in the announcement.

“I am filled with optimism” – John Ternus on replacing Cook as Apple CEO

“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. 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 one of us. I am humbled to step into this role, and I promise to lead with the values and vision that have come to define this special place for half a century.”

What is Cook’s net worth?

Under Cook’s leadership, Apple has expanded globally. The company’s profits now exceed $100bn (£79bn) annually, and its stock has risen steadily for more than a decade. Its market capitalisation grew from around $350bn (£277bn) at the start of Cook’s tenure to over $4tn (£3.16tn) today.

According to Forbes, the Apple CEO’s official net worth as of 2026 is $2.9bn (£2.29bn).