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Apple Names New CEO as Tim Cook to Step Down in September
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Since Tim Cook became chief executive officer (CEO) in 2011, Apple Inc. (AAPL - Free Report) has rapidly grown from a mid-cap company (roughly valued at around $350 billion) to one of the largest companies in the world by market capitalization, currently at an estimated $4.39 trillion.
Cook has done well to grow Apple’s revenues. Revenues were reported at $108 billion in his first fiscal year as Apple CEO. In fiscal year 2025, revenues came in at $416 billion. Under Tim Cook, Apple has improved its service-based revenues through offerings such as Apple Music, Apple TV+, Apple Pay and iCloud. At the same time, products such as the Apple Watch and AirPods have been integrated with Apple-designed silicon.
Apple announced that it has named John Ternus as its new CEO effective Sept. 1, 2026. The senior vice president of hardware engineering at Apple for over 20 years has designed a wide array of Apple products, including the iPhone, Mac, iPad, Apple Watch and a range of AirPods variants.
Most recently, he led the design of the MacBook Neo and is believed to be behind Apple’s push to build more durable products that are easier to repair and made from a higher percentage of recycled materials. He previously worked as a mechanical engineer at Virtual Research Systems before joining Apple in 2001 as a designer in the engineering department.
Board-Level Changes
Apple also announced that Tim Cook will become executive chairman of Apple’s board of directors effective Sept. 1, 2026. Arthur Levinson, the chairman of the Apple board of directors, will become lead independent director of the board, effective Sept. 1.
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Apple Names New CEO as Tim Cook to Step Down in September
Since Tim Cook became chief executive officer (CEO) in 2011, Apple Inc. (AAPL - Free Report) has rapidly grown from a mid-cap company (roughly valued at around $350 billion) to one of the largest companies in the world by market capitalization, currently at an estimated $4.39 trillion.
Cook has done well to grow Apple’s revenues. Revenues were reported at $108 billion in his first fiscal year as Apple CEO. In fiscal year 2025, revenues came in at $416 billion. Under Tim Cook, Apple has improved its service-based revenues through offerings such as Apple Music, Apple TV+, Apple Pay and iCloud. At the same time, products such as the Apple Watch and AirPods have been integrated with Apple-designed silicon.
Apple currently carries a Zacks Rank #2 (Buy) while some other “Magnificent 7” stocks, such as Microsoft Corp. (MSFT - Free Report) and Alphabet Inc. (GOOGL - Free Report) , carry a Zacks Rank #3 (Hold) each. You can see the complete list of today’s Zacks Rank #1 (Strong Buy) stocks here.
John Ternus as CEO
Apple announced that it has named John Ternus as its new CEO effective Sept. 1, 2026. The senior vice president of hardware engineering at Apple for over 20 years has designed a wide array of Apple products, including the iPhone, Mac, iPad, Apple Watch and a range of AirPods variants.
Most recently, he led the design of the MacBook Neo and is believed to be behind Apple’s push to build more durable products that are easier to repair and made from a higher percentage of recycled materials. He previously worked as a mechanical engineer at Virtual Research Systems before joining Apple in 2001 as a designer in the engineering department.
Board-Level Changes
Apple also announced that Tim Cook will become executive chairman of Apple’s board of directors effective Sept. 1, 2026. Arthur Levinson, the chairman of the Apple board of directors, will become lead independent director of the board, effective Sept. 1.