Apple Inc. announced Monday that longtime Chief Executive Officer Tim Cook will transition to executive chairman of the company's board of directors on September 1, 2026, with Senior Vice President of Hardware Engineering John Ternus named as his successor.

The board unanimously approved the change following a multiyear succession planning process. Cook, 65, will remain CEO through the summer to ensure a smooth handover and will continue focusing on areas such as global policymaker engagement in his new role. Arthur Levinson, Apple's non-executive chairman for the past 15 years, will become lead independent director, while Ternus joins the board on the same date.

"It has been the greatest privilege of my life to be the CEO of Apple," Cook said in a statement. "John Ternus has the mind of an engineer, the soul of an innovator, and the heart to lead with integrity and with honor." Ternus, who joined Apple in 2001, responded: "I am profoundly grateful for this opportunity to carry Apple’s mission forward."

Board Chairman Levinson praised Cook's tenure: "Tim’s unprecedented and outstanding leadership has transformed Apple into the world’s best company." He added that Ternus possesses "leadership, deep technical knowledge, and relentless focus on creating great products."

Cook assumed the CEO role in August 2011 following Steve Jobs' resignation. During his leadership, Apple's market capitalization grew from about $350 billion to more than $4 trillion, and annual revenue increased from $108 billion to over $416 billion in 2025. The company launched products including the Apple Watch, AirPods, and Apple Vision Pro, expanded services to exceed $100 billion in revenue, and reduced its carbon footprint by over 60% from 2015 levels. Apple now serves customers in more than 200 countries with over 2.5 billion active devices.

Ternus, a mechanical engineering graduate from the University of Pennsylvania, oversees hardware engineering for key products such as the iPhone, iPad, Mac, Apple Watch, AirPods, and Vision Pro. He advanced the Mac's transition to Apple silicon, improved AirPods features like noise cancellation, and contributed to sustainable materials in devices like the Apple Watch Ultra 3.

The announcement ends months of speculation about Cook's future, including reports in late 2025 and early 2026 suggesting a possible exit as early as this year. Cook dismissed retirement rumors in March, stating he could not imagine life without Apple. Bloomberg had identified Ternus as the likely successor.

Apple's shares fell 2.55% Monday amid broader market pressures, though no immediate analyst commentary tied the decline directly to the news. The company faces ongoing challenges including supply chain issues, geopolitical tensions, and rising demand for AI chips.