Rehan Shahid 
Apr 21, 2026
Tim Cook is stepping down as Apple CEO and transitioning to perform his duties as the company's executive chairman, effective September 1, 2026, while the Cupertino-based tech giant has appointed John Ternus to replace Cook as CEO.
Cook's leadership at Apple will be recognised to the company's tremendous financial growth over the past two decades. When he took over as CEO in 2011, the company’s market capitalisation was around $350 billion; it is now north of $4 trillion. More than 2.5 billion people around the world used an Apple device as of January, according to the company.
“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 the release.
Cook, who became Apple’s CEO in 2011 after serving as its chief operating officer (COO), helped push Apple beyond the handful of products the company was initially known for, such as the Mac, iPod and iPhone.
Why Tim Cook is important for Apple?
It is important to note that Cook’s dealings with China are also a part of his operational legacy, as China became not only a critical hub of manufacturing but also an important consumer market for Apple. As of last year, Apple held the top spot in smartphone market share in the country, with an estimated 22%.
Apple, in a blog post, stated: "Cook was also instrumental in creating the wearables category at Apple, which now includes the world’s most popular watch and headphones, and which has served as the foundation for Apple’s remarkable impact on the health and safety of its users.
"Under Cook’s leadership, Apple also transitioned to Apple-designed silicon, enabling the company to own more of its primary technology and deliver industry-leading gains in power efficiency and performance that directly benefit users across its products."
Tim Cook stepping down
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.
