Business Desk 
Apr 21, 2026
Apple has officially announced a major leadership transition in more than a decade, as Tim Cook will now perform his duties as executive chairman of Apple.
Apple, in a blog post, revealed that John Ternus, senior vice president of Hardware Engineering, will become Apple’s next chief executive officer (CEO), effective from September 1, 2026. The transition, which was approved unanimously by the Board of Directors, follows a thoughtful, long-term succession planning process.
“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,” Cook said in a statement. “I love Apple with all of my being,” adding Ternus has the “mind of an engineer, the soul of an innovator, and the heart to lead with integrity and honor.”
Who is John Ternus?
Ternus brings a combination of technical expertise and institutional knowledge to the succession conversation. As per his LinkedIn profile, the mechanical engineer joined Apple’s product design team in 2001 and has overseen hardware engineering for virtually every major product in the company’s current portfolio.
His fingerprints are on every generation of iPad, the latest iPhone lineup, and AirPods. Ternus played a crucial role in the Mac’s transition to Apple silicon.
He also had a prominent role during Apple’s most recent keynotes, introducing products like the new iPhone Air.
John Ternus's net worth
Ternus, the newly appointed CEO, — taking in-charge from September 1, 2026 — have a net worth around $75 million that is a fraction of what his senior head had.
It is important to note that he would be receiving $70 million a year, up from $20 million as senior vice president of hardware engineering – his previous tenure at the company.
Apple, in a statement, said: "Cook will continue in his role as CEO through the summer as he works closely with Ternus on a smooth transition."
Tim Cook's net worth
Cook, who joined Apple in 1998 and succeeded jobs as CEO in 2011, has legendary fame in Silicon Valley. He had been engaged in planning his succession for the better part of a year. Earlier in January, New York Times reported that Cook told the company’s board and senior leaders that he wanted to work less. Ternus had been a favorite for replacing Cook.
As a CEO, Cook reportedly built a network valued at nearly $3 billion. Most of this mouth-watering wealth rested in Apple stock, of which he holds over 3.2 million shares, worth almost $890 million.
Moreover, Cook has his net worth expanded, including Nike stock, which is worth close to $6 million. It is important to note that Ternus will mark the eighth CEO of Apple.
