Apple announced that CEO Tim Cook will step down after nearly 15 years, moving into an executive chairman role in September. He will be succeeded by John Ternus, the 50‑year‑old head of hardware engineering, who joined the company in 2001.

Cook’s tenure saw Apple’s annual profit quadruple to over $110 billion and its market value climb more than tenfold to $4 trillion. Under his guidance, the company mastered a global supply chain and built a dominant retail presence across five continents.

Ternus inherits a firm that has not launched a mainstream product in years and faces questions about AI strategy, geopolitical tensions, and an antitrust trial. Investors worry about leadership depth after recent executive departures.

Apple remains one of the world’s most profitable companies, buoyed by steady iPhone sales, the Apple Watch, and services like iCloud and Apple Pay. The transition marks the end of one of the most successful management eras in American business and the start of a new chapter under Ternus’ leadership.