Apple announced that John Ternus will take over as CEO from Tim Cook starting September 1. Cook will move to the role of executive chairman, while Ternus will also join the company's board of directors.
The move marks the first CEO change since Cook replaced Steve Jobs in 2011. Ternus will become Apple's eighth CEO, with the transition expected to run smoothly over the summer through close collaboration between the two leaders.
In the same shakeup, Johny Srouji will take over as head of hardware, replacing Ternus. He will lead all of Apple's hardware engineering, including the development of major products such as the iPhone, Mac and other devices.
During Cook's leadership, Apple's market value has jumped more than 20-fold and now stands at around $4 trillion. However, the company now faces challenges including a complex supply chain, geopolitical tensions, tariffs and increasing demand for AI chips.
Ternus, 50, is Apple's head of hardware and has served since 2001. He is seen as a prime candidate for a successor with extensive experience in the development of the company's major products including the iPhone, iPad, Mac, Apple Watch, AirPods and Vision Pro.
