Apple announced that Tim Cook will transition to the position of executive chairman of the board of directors, and John Ternus, senior vice president of hardware engineering, will become the company's new CEO, effective September 1, 2026. The decision was unanimously approved by the board of directors and is the culmination of long-term succession planning, vc.ru reports.

Cook has led Apple since 2011, succeeding Steve Jobs. Over the years, the company's market capitalization has grown more than 20-fold, surpassing 4 trillion USD. He will continue as acting CEO until the end of the summer, ensuring a smooth transition. In his new role as executive chairman, Cook will focus, among other things, on interacting with regulators and politicians around the world.

Ternus, 51, has been with Apple since 2001 and has been involved in the development of the company's key products—iPhone, iPad, AirPods, and Apple Watch. Along with his appointment, Jony Sraudji will assume the new position of Chief Hardware Officer.