Long-serving CEO of American tech giant Apple, Tim Cook is to walk away from that position and will be effective September 1, 2026 serve as the company’s Executive Chairman.

The CEO position will go to Apple’s Head of Hardware John Ternus who has been with Apple for almost two decades

“John Ternus has the mind of an engineer, the soul of an innovator and the heart to lead with integrity and with honour. He is a visionary whose contributions to Apple over 15 years are already too numerous to count and he is without question the right person to lead Apple into the future,” said Tim Cook.

Cook took over from founder Steve Jobs in 2011 and turned Apple into a US$4 trillion behemoth, introducing Apple Music and Apple TV.

It has been felt for some time that Apple is too focused on iterations of its iPhone and the attendant updates. It has been some time since it revolutionised the market with new innovation.

Apple has taken a cautious approach to the rush into AI technology

“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. I love Apple with all my being and I am so grateful to have had the opportunity to work with  a team of such ingenious, innovative, creative and deeply caring people who have been unwavering in their dedication to enriching the lives of our customers and creating the best products and services in the world, “ said Cook.

Tim Cooked turned 65 last November.

On the news of Tim Cook stepping down, Apple share price fell slightly to US$273.05.