Apple announced Tim Cook will transition to executive chairman, with John Ternus becoming CEO on September 1 2026.
Shares fell over 1% after market close on April 21 2026 as the board unanimously approved the leadership change.
Cook’s tenure grew market cap from ~$350 billion to $4 trillion and revenue from $108 billion (FY 2011) to >$416 billion (FY 2025).
Analyst Dan Ives said investors may have mixed feelings, noting AI strategy shift and pressure on Ternus to deliver.