Apple’s John Ternus Replaces Tim Cook as CEO

Apple entered a new era on Sept. 1 as John Ternus replaced Tim Cook as CEO.

Cook took the baton from founder Steve Jobs in 2011 and turned the $350 billion company into a $4.5 trillion one. Shares have risen more than 2,200 percent under his leadership.

“Sending lots of love to the Apple community on my last day as CEO. My title changes tomorrow, but the love I have for the Apple community never will,” Cook said in a statement on Aug. 31.

Cook’s tenure saw annual sales grow from $108 billion to $416 billion in its last fiscal year. In 2014, he also created the company’s wearables business, such as the Apple Watch and Airpods, which in fiscal 2025 brought in $35 billion in sales.

The succession was first announced in April. The company said at the time that Cook would stay on as an executive chairman to handle relations and engage with policymakers around the world.

Ternus, who joined Apple’s product design team in 2001 and joined the executive team as senior vice president of hardware engineering in 2021, will lead the company into the AI era as the company seeks to maintain its innovative edge.

He worked on some of the company’s signature products under Cook, like the AirPods, Apple Watch, and Apple Vision Pro. Ternus will also lead the launch of the iPhone 18 Pro and iPhone 18 Pro Max on Sept. 9.

“Having spent almost my entire career at Apple, I have been lucky to have worked under Steve Jobs and to have had Tim Cook as my mentor,” Ternus, who is also joining the Board of Directors, said in a statement in April.

“I am humbled to step into this role, and I promise to lead with the values and vision that have come to define this special place for half a century.”

According to Apple’s filing with the Securities Exchange Committee, Ternus will earn a $3 million salary, alongside a target $2.5 million restricted stock unit award.

He will also have an equity award with a target value of $55 million to be granted in fiscal 2027, with 75 percent of the equity award based on Apple’s stock performance compared to other companies in the S&P 500.

In his new role, Cook will have a $2 million salary with a target equity award of $45 million to be granted in fiscal 2027. For Cook, half of that award will be based on Apple’s stock performance compared to other S&P 500 companies.

The Associated Press contributed to this report.