Apple announced that Tim Cook will step down as chief executive after nearly 15 years in the role, marking the end of a highly profitable era for the company. Cook, who became CEO in 2011 following the death of co-founder Steve Jobs, will be succeeded on 1 September by John Ternus, Apple’s head of hardware engineering. Cook will remain at Apple as executive chair, with responsibilities including engagement with global policymakers.

During his tenure, Cook focused on operational efficiency, global supply chains and steady product expansion. Under his leadership, Apple introduced major products such as the Apple Watch and AirPods, expanded its services business with Apple Music and Apple TV+, and saw the iPhone reach record sales levels. The company’s annual profits grew to more than $100bn, while its market capitalization increased from around $350bn to over $4tn.

Ternus will take over a company that remains financially strong but faces strategic questions, particularly around artificial intelligence and future product innovation.