Apple has confirmed Tim Cook will step down from his role as chief executive officer of the tech giant in September.
Mr Cook will become chairman of the Silicon Valley company and will be succeeded by John Ternus, Apple's senior vice president of Hardware Engineering, who will become CEO on September 1, 2026.
This business decision, which was approved unanimously by the multinational conglomerate's Board of Directors, follows a thoughtful, long-term succession planning process.
Mr Cook has confirmed he will continue in his role as CEO through the summer as he works closely with his successor during the transition process.
Tim Cook is stepping down from his role
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In the role of executive chairman, Mr Cook will assist with certain aspects of the company, including engaging with policymakers around the world.
On his departure, he said: "It has been the greatest privilege of my life to be the CEO of Apple and to have been trusted to lead such an extraordinary company.
"I love Apple with all of my being, and I am so grateful to have had the opportunity to work with a team of such ingenious, innovative, creative, and deeply caring people who have been unwavering in their dedication to enriching the lives of our customers and creating the best products and services in the world."
Mr Ternus added: "I am profoundly grateful for this opportunity to carry Apple’s mission forward. 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.
Steve Jobs, then-CEO of Apple, was replaced by Tim Cook following his death
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iPhone 17 | iPhone 17"It has been a privilege to help shape the products and experiences that have changed so much of how we interact with the world and with one another.
"I am filled with optimism about what we can achieve in the years to come, and I am so happy to know that the most talented people on earth are here at Apple, determined to be part of something bigger than any one of us.
"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."
Arthur Levinson is set to become Apple's lead independent director on September 1, 2026, after having served as the tech firm's non-executive chairman over the past 15 years.
Mr Ternus will take over as Apple's CEO from September 1
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Mr Cook joined Apple in 1998, becoming CEO in 2011 and oversaw the rollout of multiple iconic products such as the Apple Watch, AirPods, and Apple Vision Pro.
The outgoing CEO managed the launch of multiple services ranging from iCloud and Apple Pay to Apple TV and Apple Music with the firm's market capitalization of approximately $350billion to $4trillion over his tenure,
This represents a more than 1,000 per cent increase, and annual revenue has nearly quadrupled, from $108billion in fiscal year 2011 to more than $416billion in fiscal year 2025, according to Apple.