John Ternus takes over as Apple’s new CEO Tuesday, succeeding Tim Cook after his 15-year tenure at the helm, during which he oversaw the Cupertino-based technology giant’s rise to become the world’s most valuable and influential technology company.

Cook announced in April that he would step down as Apple CEO at the end of August, and while he is leaving that role, he will remain with the company as the executive chairman.

Under Cook, Apple has enjoyed remarkable success, cementing its position as a formidable force in technology and pop culture. He turned the iPhone into a multibillion-dollar business, expanded into services, made wearables and health key priorities, and strengthened Apple’s presence in China and, later, India.

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Cook will always be best known as a supply chain maverick and someone who helped dodge the Trump administration’s sky-high tariffs.

After 15 years as CEO, Tim Cook is stepping down after leading Apple’s growth from USD 350 billion to over USD 4.6 trillion.

‘Excited for the next chapter’

Cook became CEO in August 2011, when Apple co-founder Steve Jobs resigned six weeks before his death. Before joining Apple, Cook was working at Compaq, but Jobs convinced him to come in for an interview, and the rest is history.

Cook joined the tech giant as senior vice president of worldwide operations.

“As you know, I am not leaving Apple. But I am stepping away from a role that I have loved deeply,” Cook said in a memo emailed to all employees on his final day, as seen by Bloomberg. “I will miss this work in ways I can only begin to imagine, even as I remain completely at peace with my decision.”

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“Together, we have created something far greater than any one of us could have imagined or accomplished alone. And that’s the secret to our success. We bring out the best in each other. We lift each other up,” Cook said.

The iPhone remains Apple’s biggest cash cow.

“We have made it possible to leave our ‘dent in the universe,’ as Steve once described it, because of who we are and what we believe, because of what we value and how we see the world,” he added.

Cook also wrote on X. “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. Thank you for being a constant source of inspiration. My gratitude is endless, and I’m excited for the next chapter!”

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. Thank you for being a constant source of inspiration. My gratitude is endless, and I’m excited for the next chapter!

— Tim Cook (@tim_cook) August 31, 2026

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Challenges for Ternus

Cook is passing the reins to Ternus, 51, the company’s senior vice president of hardware engineering, at a time when Apple needs to refocus on hardware and executing products from the ground up. While Cook built a loyal user base during his tenure, critics say Apple has lost the design mojo the company was once best known for.

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Apple is also grappling with questions about its artificial intelligence strategy, as it faces competition from fast-growing rivals such as OpenAI. Meanwhile, a memory chip shortage threatens to squeeze margins, revenue growth is slowing, and the company desperately needs a new voice to reinvigorate its culture and product development.

Over the years, Apple’s product lineup has at times become increasingly convoluted and confusing. While Apple makes a wide range of products, the company is now primarily known for the iPhone, which itself has begun to look stale and lacks the innovation that once defined it. In fact, recent launch events have largely settled into a predictable cadence of incremental camera upgrades and routine spec bumps.

The iOS 27  includes new Apple Intelligence features, performance upgrades and enhanced security tools.

There have been notable misfires, too, including the Vision Pro headset and updates to its Siri voice-activated assistant. Apple has also faced criticism for its polarising Liquid Glass iOS redesign.

While Wall Street isn’t sure whether Ternus, a low-key hardware engineer, can bring Apple back to its roots, he may be the product-focused leader Apple needs at the moment.

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Under his leadership, Apple has shipped several notable products, most recently the ultra-thin iPhone Air, the entry-level MacBook Neo, and AirPods with hearing-health features. He also led the hardware engineering team across Apple’s entire device product portfolio.

Hardware remains crucial for Apple to maintain its dominance across major product categories, especially as rivals increasingly focus on getting hardware right and emulating Apple’s approach to building an ecosystem of interconnected products.

Apple needs brand new products to compete with its peers as well as new startups.

Apple is also renewing its faith in hardware and chips to make its devices AI-ready. Last week, the company surprised the tech world by launching new versions of the Mac mini and Mac Studio, powered by its latest chips and focused on AI performance.

Ternus’ biggest test will come when he and his top lieutenants unveil a foldable iPhone, reportedly in development for years, at the company’s September 9 event at its headquarters. Leaks and supply-chain reports suggest that the foldable iPhone will feature a book-style design, similar to the Samsung Galaxy Z Fold 8.

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For the first time in a decade, Apple is expected to launch a completely new product, and Wall Street will be watching closely to see how Ternus fares in presenting the foldable iPhone and convincing consumers they need it, especially after Samsung and Huawei helped define the category.