John Ternus Becomes Apple CEO, Tim Cook Transitions to Executive Chairman

John Ternus formally stepped into the chief executive seat at Apple on September 1, 2026, concluding Tim Cook’s 15-year tenure as CEO.

Cook has transitioned to the role of executive chair. Apple disclosed Ternus will receive a $3 million annual salary and restricted stock with a target value of $55 million for his first year as CEO, totaling about $58 million in target compensation for this fiscal year. As CEO, Cook earned around $74 million in each of 2024 and 2025.

Ternus, 51, joined Apple’s design team in 2001 and worked his way up to senior vice president of hardware engineering, leading teams for Apple’s entire product lineup, including iPhones. He brings 25 years of experience to the chief executive role and worked with Apple cofounder Steve Jobs. Ternus takes charge as Apple faces escalating market pressure to match competitors in the fast-moving artificial intelligence landscape.

He will face an early test with Apple’s annual iPhone event on September 9, where the company is expected to unveil its first foldable handset. During Cook’s tenure, Apple’s split-adjusted stock price increased by nearly 2,300%, from about $13 to $317. The stock closed almost 3% higher at $325 on Tuesday. Warren Buffett's $35 billion investment in Apple grew to $185 billion in value before taxes under Cook's leadership. Billionaire Elon Musk, AMD CEO Lisa Su, and Salesforce chief Marc Benioff extended congratulations to Ternus on his first social media post as CEO.