Tim Cook to step down as Apple CEO, with John Ternus tapped as successor

MoneyWatch Tim Cook to step down as Apple CEO, with John Ternus tapped as successor .chip { background-image: url('/fly/bundles/cbsnewscore/images/chip-bgd/chip-bgd-moneywatch.jpg'); } By Megan Cerullo Megan Cerullo Reporter, MoneyWatch Megan Cerullo is a New York-based reporter for CBS MoneyWatch covering small business, workplace, health care, consumer spending and personal finance topics. She regularly appears on CBS News 24/7 to discuss her reporting. Read Full Bio Megan Cerullo April 20, 2026 / 5:18 PM EDT / CBS News Add CBS News on Google Tim Cook will step down as Apple's CEO later this year and be replaced by John Ternus, a senior vice president of hardware engineering, the technology company announced on Monday. Cook will become executive chairman of Apple's board of directors, replacing Arthur Levinson, the company said. Ternus, a 25-year Apple veteran, will assume the role of CEO on September 1, the company said."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 statement. "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 also praised Ternus, saying he "has the mind of an engineer, the soul of an innovator, and the heart to lead with integrity and with honor.""I am profoundly grateful for this opportunity to carry Apple's mission forward," Ternus said in a statement. "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." Edited by Alain Sherter More from CB...