Key Takeaways
- Tim Cook becomes Apple executive chairman after 15 years as CEO.
- John Ternus succeeds Cook as CEO following Apple’s leadership transition.
- Apple’s market capitalization grew from $350 billion to $4.6 trillion.
Tim Cook has become Apple executive chairman after completing 15 years as the company’s chief executive, with John Ternus taking over as CEO.
The leadership change took effect on Sept. 1, 2026. Cook will remain involved with Apple, while Ternus joins the board as part of the transition and assumes responsibility for the CEO role.
Tim Cook Moves Into Apple Executive Chairman Role
Cook became Apple CEO in 2011, succeeding co-founder Steve Jobs. He will now serve as executive chairman of the company’s board, continuing his involvement with Apple after 15 years as its top executive.
Apple said Cook will assist with certain aspects of the company in his new position. His responsibilities will include engaging with policymakers around the world, while Ternus takes charge as CEO.
Cook’s move marks a significant change in Apple’s leadership structure. He led the company through a period of substantial financial growth and remained CEO as Apple expanded its business across devices and services.
During Cook’s tenure, Apple’s market capitalization increased from about $350 billion in 2011 to approximately $4.6 trillion in 2026. The company’s revenue also increased from $108.2 billion in fiscal 2011 to $466.8 billion on a trailing 12 month basis.
Apple’s Financial Growth Defines Cook’s 15 Year Tenure
Apple reported net income of $25.9 billion in fiscal 2011. By 2026, its trailing 12-month net income had reached $128.9 billion.
The company’s stock also recorded a total return of 2,275% over the period covered by the figures. Apple entered Cook’s tenure shortly after the iPhone had reshaped the company’s position in the technology industry.
Cook took over from Jobs four years after the iPhone entered the market. His tenure then covered the expansion of Apple’s product portfolio, including continued development across the iPhone, Mac, Apple Watch, and other devices.
The leadership transition now places Ternus at the center of Apple’s daily executive management. Ternus joined Apple in 2001 and became vice president of hardware engineering in 2013 before joining senior leadership in 2021.
Cook, meanwhile, retains a formal leadership position through the executive chairman role. His continued involvement provides a direct connection to Apple’s leadership history while Ternus begins his tenure as CEO.
Apple’s stock moved higher following the announcement, even as major US indexes declined during the trading session. At 3:15 p.m. ET, the S&P 500 was down 0.7%, the Nasdaq Composite was down 1.0%, and the Dow Jones Industrial Average had declined 0.7%.
The transition formally ends Cook’s time as Apple’s CEO but does not mark his departure from the company. His new position keeps him on the board and involved in selected areas of Apple’s operations.
Cook’s 15 year period as CEO included a rise in Apple’s market capitalization from $350 billion to about $4.6 trillion. With Ternus now leading as CEO, Cook begins his next chapter as Apple’s executive chairman.
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