Apple CEO Tim Cook will step down at the start of September, handing the helm to hardware chief John Ternus, the company said Monday. Cook, who steered the $4 trillion tech giant since 2011, will become chair of the board, replacing Arthur Levinson. Ternus, a 25‑year veteran, has overseen the engineering of the iPhone, iPad and Mac for the past decade in the industry.

Under Cook's tenure, Apple's revenue grew about 10‑fold, with iPhone sales topping $200 billion and services generating over $100 billion annually from the App Store, Apple Pay and iCloud. The transition follows a wave of executive exits, including CFO Luca Maestri and COO Jeff Williams, as the firm refocuses on manufacturing amid U.S.–China tensions in 2024 to sustain growth while balancing regulatory scrutiny.

Ternus's appointment signals a shift toward engineering‑driven leadership, with Cook's chair role ensuring continuity in governance. Investors will watch how the new CEO navigates supply‑chain realignment to India and the growing services moat. Apple’s market cap remains a bellwether for tech stability, making this leadership change a key barometer for the sector for shareholders and competitors alike.