Apple says John Ternus will be new CEO, Tim Cook to step aside later this year

BREAKING NEWSUpdated 2 minutes agoBusiness NewsBusiness NewsApple says John Ternus will be new CEO, Tim Cook to step aside later this yearCook will remain the company's chief executive until Sept. 1.Listen to this article with a free account00:0000:00John Ternus, senior vice president of hardware engineering at Apple Inc., during an Apple event in New York, on March 4. Adam Gray / Bloomberg via Getty ImagesShareAdd NBC News to GoogleApril 20, 2026, 4:36 PM EDT / Updated April 20, 2026, 5:01 PM EDTBy Steve KopackApple on Monday named John Ternus as its new chief executive officer, effective Sept. 1, and said that Tim Cook would take the role of executive chairman.Subscribe to read this story ad-free Get unlimited access to ad-free articles and exclusive content.The transition will end Cook's 15-year run as one of the most successful technology CEOs in modern history. “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 news release. "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,” Cook said.Tim Cook and John Ternus at Apple Park.Apple“I am profoundly grateful for this opportunity to carry Apple’s mission forward," incoming CEO Ternus said. Ternus has worked on Apple's design team since 2001, and the company said he was "instrumental" to product lines such as the iPhone and AirPods."Cook will continue in his role as CEO through the summer as he works closely with Ternus on a smooth transition," Apple said. Under Cook's stewardship, Apple shares appreciated more than 1,700%. Apple's market value is currently more than $4 trillion, making it the third most valuable public company in the world, behind only Nvi...