Tim Cook is stepping down as chief executive of Apple in the most significant leadership transition at the iPhone maker since Steve Jobs handed Cook the role in 2011.
Cook, who is 65, will become executive chairman on 1 September, with John Ternus, Apple's senior vice president of hardware engineering, succeeding him as chief executive, the company said on Monday.
Apple's board unanimously approved the succession plan, which follows months of intensifying speculation after Cook signalled his readiness to step back and the departure of several long-serving senior executives through late 2025.
Cook will continue as chief executive through the summer to oversee the transition and will remain involved in policymaker engagement in his new role, a function that has become increasingly important as Apple navigates antitrust scrutiny in the United States and European Union.
Arthur Levinson, Apple's non-executive chairman for the past 15 years, will become lead independent director on the same date.
Cook joined Apple in 1998 and became chief executive in August 2011, weeks before Jobs died.
Under his leadership, Apple's market capitalisation grew from roughly $350 billion to $4 trillion, a more than tenfold increase, and annual revenue nearly quadrupled from $108 billion to more than $416 billion in fiscal year 2025.
He oversaw the launch of Apple Watch, AirPods and Apple Vision Pro, built Services into a more than $100 billion business and steered the transition from Intel processors to Apple-designed silicon.
Ternus, 50, joined Apple's product design team in 2001 and has spent virtually his entire career at the company.
He oversees hardware engineering across every major product category, including iPhone, Mac, iPad, AirPods and Apple Watch, which together account for the vast majority of Apple's revenue.
He was promoted to senior vice president in 2021 after replacing Dan Riccio, who left to focus on Apple Vision Pro.
Bloomberg reported last month that Ternus had emerged as the clear frontrunner for the role, noting his close partnership with software chief Craig Federighi and his pivotal role in coordinating the Mac's transition to Apple silicon.
He is the same age Cook was when he succeeded Jobs.
The appointment of an engineer rather than an operations specialist marks a shift from Apple's recent leadership profile: both Cook and former chief operating officer Jeff Williams, who stepped down from operational responsibilities last year, came from supply chain backgrounds.
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Ternus inherits a company facing intensifying competition in artificial intelligence, where Apple has been seen as lagging rivals, including Google, Microsoft and Meta, alongside regulatory challenges on multiple fronts.
"I am filled with optimism about what we can achieve in the years to come," Ternus said.