Apple, in a press release on their “Newsroom” website:

Apple announced that Tim Cook will become executive chairman of Apple’s board of directors and John Ternus, senior vice president of Hardware Engineering, will become Apple’s next chief executive officer effective on September 1, 2026. The transition, which was approved unanimously by the Board of Directors, follows a thoughtful, long-term succession planning process.

Cook will continue in his role as CEO through the summer as he works closely with Ternus on a smooth transition. As executive chairman, Cook will assist with certain aspects of the company, including engaging with policymakers around the world.

The transition from Cook to Ternus as Apple’s CEO has been in the rumor-mill for a while now, though it seemed as though there was some uncertainty regarding the timing of when it would actually happen.

Tim Cook has lead Apple since Steve Jobs stepped down from the CEO role back in 2011. During that time, the company has seen a great deal of success including many product launches and even becoming the first company with a $1 trillion valuation.

It will be interesting to see what happens once Ternus takes the reigns in September!