Apple named John Ternus as its next CEO on April 20, with the 25-year company veteran scheduled to succeed Tim Cook on September 1. Cook will remain CEO through the summer before becoming executive chairman of Apple’s board, concluding a 15-year tenure during which the company’s market value rose by roughly $3.6 trillion, from about $350 billion to more than $4 trillion and briefly above $5 trillion in July. Ternus joined Apple in 2001, became vice president of hardware engineering in 2013 and senior vice president in 2021, overseeing the iPhone, iPad and Mac product lines. His appointment was unanimously approved by Apple’s board under a long-term succession plan. He takes over as Apple faces generative-AI competition, a delayed Siri upgrade and pressure to develop products that could eventually succeed the iPhone. Reports from mid-2026 indicate Ternus has begun restructuring Apple’s design team and brought former hardware vice president Laura Legros back from retirement, suggesting a more assertive approach than Cook’s consensus-driven style. Cook will remain involved as executive chairman, providing continuity while potentially creating a two-center-of-gravity leadership dynamic. Apple’s iPhone generated $209.5 billion of its $416.1 billion in 2025 revenue, Services generated $109.1 billion and Wearables contributed $35.6 billion. Apple held $146.5 billion in cash and securities but did not invest in Bitcoin for its corporate treasury during Cook’s tenure; Cook said in 2021 that he personally owned crypto.