Leadership change at Apple sparks industry and Wall Street reactions as Cook transitions roles

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Tim Cook is stepping down as Apple CEO and transitioning to executive chairman, with John Ternus set to take over on September 1, 2026, as reactions begin pouring in from across the tech industry and Wall Street.

Apple said the leadership change follows a long-planned succession process, with Ternus, a 25-year company veteran and current head of Hardware Engineering, stepping into the CEO role as the company navigates its next phase of innovation.

John Ternus joined Apple in 2001 and currently serves as senior vice president of Hardware Engineering, where he has overseen work on many of the company’s flagship products across iPhone, Mac, iPad and Apple Watch. He became a vice president in 2013 and joined Apple’s executive team in 2021.

During his tenure, Ternus has played a key role in developing new product lines like iPad and AirPods, while also helping drive advancements in Apple’s Mac lineup and its transition to in-house silicon.

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Apple CEO Tim Cook arrives as people stand in line to purchase the Apple Vision Pro headset at the Fifth Avenue Apple store on Feb. 02, 2024 in New York City. (Michael M. Santiago/Getty Images / Getty Images)

He has also led efforts focused on durability, materials innovation, and sustainability, including the use of recycled aluminum and new manufacturing techniques.

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Sam Altman reacted to the news by praising Cook’s legacy and impact on the tech industry.

"Tim Cook is a legend," Altman said. "I am very thankful for everything he has done and I am very thankful for Apple."

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Wedbush analyst Dan Ives said the transition comes at a critical moment for Apple, particularly as it pushes deeper into artificial intelligence.

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"These will be big shoes to fill and the timing of Cook exiting stage left as CEO could make sense but also creates questions," Ives said. "Apple is making a major transition on its AI strategy and longtime CEO and legendary Cook leaving now is a surprise. We agree with Ternus as the pick."

CNBC host Jim Cramer reacted to the news on X, writing, "Stunning: Tim Cook stepping down. This is tough news for those of us who have learned so much from him..."

Analysts also weighed in on what comes next for Apple. Reuters reported that Gil Luria, managing director of D.A. Davidson & Co., said the promotion of John Ternus signals the company may focus more heavily on new hardware such as folding phones, smart glasses, virtual reality devices and AI-powered products.

Bob O’Donnell, head of tech consulting firm TECHnalysis Research, said the company’s biggest challenge will likely center on artificial intelligence. "I expect his biggest challenge and efforts will be focused on getting a better AI story and offering together that relies more on Apple's own capabilities and less on third parties," he said.

Reuters contributed to this report.