Tech giant Apple has announced that its CEO, Tim Cook, will step down from the role on September 1, 2026.

Cook, who has been CEO of Apple since 2011 when he replaced the company's late founder Steve Jobs, will be replaced by John Ternus, who is currently senior vice president of hardware engineering.

Apple noted that the board has unanimously approved the appointment.

Cook will remain at Apple, becoming executive chairman of Apple’s board of directors. He joined Apple in 1998.

“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. 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,” said Cook.

During Cook's time at Apple, the company has grown from a market capitalization of approximately $350 billion to $4 trillion.

His tenure has also seen Apple focus heavily on its services business in addition to its core hardware offering.

Incoming CEO Ternus has been at Apple since 2001, when he joined the company's product design team. He became a vice president of Hardware Engineering in 2013 and joined Apple's executive team in 2021 as SVP of Hardware Engineering.

"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," said Ternus.

"I am filled with optimism about what we can achieve in the years to come, and I am so happy to know that the most talented people on earth are here at Apple, determined to be part of something bigger than any one of us. I am humbled to step into this role, and I promise to lead with the values and vision that have come to define this special place for half a century.”

Ternus will become the eighth CEO of Apple when he takes charge in September.