John Ternus Becomes Apple CEO, Succeeding Tim Cook

John Ternus officially assumed the role of chief executive officer at Apple on Tuesday, September 1, 2026, marking the company's first leadership transition in 15 years. He succeeds Tim Cook, who will now serve as executive chairman of the board. The handover, announced in April, was described as orderly and smooth, with Cook expressing confidence in his successor.

In a memo to employees on his first day, Ternus thanked Cook for his guidance and expressed excitement for the future. "We have a huge launch next week that's going to be phenomenal," he wrote, referencing Apple's scheduled September 9 product event. Cook, in his own farewell communication, stated he took "enormous comfort in handing the helm to someone as brilliant and wonderful and capable as John."

The transition was accompanied by the disclosure of executive compensation. Apple's filing with the U.S. Securities and Exchange Commission revealed that Ternus will receive a pay package valued at approximately $58 million for fiscal year 2027. This includes a base salary of $3 million and a target equity award of $55 million, with 75% of the equity tied to Apple's performance relative to the S&P 500. For the remainder...