John Ternus (incoming CEO) on the left, Tim Cook (outgoing CEO) on the right.
Photo Credit: Apple
Tim Cook will step down as Apple CEO on September 1, with John Ternus succeeding him as the company’s next CEO.
Regulatory filings mentioned that Cook earned USD 74.6 million last year.
Tim Cook is stepping down as Apple CEO after 15 years in the role.
After a long stint with Apple, CEO Tim Cook is all set to step down from his current position, and John Ternus will take over as the company's next CEO from September 1. The company has announced that Cook's role will be transitioned, as he will become executive chairman of Apple's board of directors. He will remain involved with the company in an advisory role to focus on global policy and government relations.
In a press release, Apple stated that Cook joined the tech giant in 1998 and became the CEO in 2011. Under his leadership, the company's market value skyrocketed from around USD 350 billion to over USD 4 trillion.
Additionally, the tech giant's yearly revenue nearly quadrupled, from USD 108 billion in 2011 to more than USD 416 billion in fiscal 2025.
During Cook's tenure, the company added over 100,000 employees and expanded to more than 200 countries and territories, along with over 500 retail stores. He is stepping down as Apple CEO after 15 years in the role.
Tim Cook joined Apple in 1998 and became the CEO in 2011.
Photo Credit: Apple
As of April 2026, the outgoing CEO's net worth is estimated to be around USD 2.9 billion. It is reported that most of his wealth comes from his 28 years at Apple, where he currently holds more than 3 million shares of the company.
Regulatory filings mentioned that Cook earned USD 74.6 million last year, which included a base salary of USD 3 million and a large portion in stock incentives.
In a note, Tim Cook announced that he will step down as Apple CEO in September.
Photo Credit: Apple
In a heartfelt message to the Apple community, Cook announced that he will step down as CEO in September and transition to the role of Executive Chairman. He expressed deep gratitude for the past 15 years and shared that he has personally read thousands of emails from users around the world and felt profoundly touched by their stories.
Cook praised his successor and called Ternus a "brilliant engineer and thinker" to lead Apple into the future. He thanked the Apple community for their trust, kindness, and belief in him, and stated that it has been the greatest honour of his life to lead the company.
The newly appointed CEO of Apple, John Ternus, joined the company back in 2001. He is currently the company's senior vice president of hardware engineering. Prior to this, he was working as a mechanical engineer and holds a bachelor's degree in Mechanical Engineering from the University of Pennsylvania.
Ternus was named Senior Vice President of Hardware Engineering in 2021 and has been closely involved with the iPad, AirPods, multiple generations of the iPhone and Mac, and the Apple Watch.
According to the company, Ternus's contribution also has been in making Apple devices more repairable and environmentally friendly.
John Ternus will take over as the company's next CEO from September 1.
Photo Credit: Apple
As per Celebrity Net Worth, Ternus has an estimated net worth of around USD 75 million, which he has built over more than 20 years at Apple. However, he is expected to see a significant jump in his earnings as CEO, with a compensation package similar to what Cook has been receiving.
When will John Ternus officially become Apple's CEO?
John Ternus will take over as Apple's CEO starting September 1, following Tim Cook's transition to Executive Chairman.
What roles will Tim Cook hold after stepping down as CEO?
After stepping down, Tim Cook will become the Executive Chairman of Apple's board of directors and serve as an advisor focused on global policy and government relations.
How has Apple's market value changed under Tim Cook's leadership?
Under Tim Cook, Apple's market value grew from approximately USD 350 billion in 2011 to over USD 4 trillion by 2025.
What experience does John Ternus bring to his new role as CEO?
John Ternus joined Apple in 2001, holds a Mechanical Engineering degree from the University of Pennsylvania, has served as Senior Vice President of Hardware Engineering, and contributed to major products including iPad, AirPods, iPhone, Mac, and Apple Watch.
How does John Ternus's net worth compare to Tim Cook's?
John Ternus has an estimated net worth of around USD 75 million, derived from over 20 years at Apple, whereas Tim Cook's net worth is approximately USD 2.9 billion, largely accumulated over his 28 years with the company.
Will John Ternus's compensation as CEO be similar to Tim Cook's?
John Ternus is expected to receive a compensation package similar to Tim Cook's, which included a base salary of USD 3 million and significant stock incentives totaling USD 74.6 million in the last reported year.
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