Tim Cook (R), CEO of Apple, walks with John Ternus,
Tim Cook (R), CEO of Apple, stands with John Ternus, incoming CEO of Apple. VALERIE MACON/Getty Images

Today marks Tim Cook's final day as Apple's chief executive, ending a 15-year run at the top of the world's most valuable company. Hardware engineering chief John Ternus takes over as CEO on Tuesday, September 1, Apple said when it announced the succession plan in April.

Cook became CEO in August 2011, taking over from Steve Jobs weeks before Jobs died. It is the first change at the top of Apple in 15 years. Cook is not leaving the company: he moves into the newly created role of executive chairman, where Apple says he will help "engage with policymakers around the world."

Ternus joined Apple's product design team in 2001 and rose to senior vice president of hardware engineering in 2021, overseeing the Mac, iPad, iPhone and AirPods lines. He inherits a company under pressure to catch up on AI after delays to an overhauled Siri, a notably different background from the software and AI leaders now running rival tech giants.

The handover lands just over a week before Apple's next product event, scheduled for September 9 — Ternus's first as CEO. Multiple outlets, including 9to5Mac, have reported Apple is preparing a foldable iPhone, though the company has not confirmed the device or detailed what will be unveiled at the event.

Cook held a farewell dinner at Apple Park last week, where former and current executives, including Ternus, gave tributes. He has told staff he plans to stay active in the company's affairs, including its dealings with the Trump administration and the Chinese government, even after stepping back from day-to-day operations.