Apple Names John Ternus CEO, Succeeding Tim Cook on September 1

Apple will undergo a management change on September 1, with hardware engineering senior vice president John Ternus succeeding Tim Cook as chief executive. Cook steps down after nearly 15 years at the helm. Apple announced the decision on April 20. Ternus, 51, takes office ahead of key product launches and the year-end holiday shopping season. Apple's previous CEO transition occurred in August 2011, when co-founder Steve Jobs handed the company to Cook.

During Cook's tenure, Apple's market capitalization grew from about $350 billion to $4.5 trillion. Over the nearly 15-year term, that growth equates to market value accumulating at roughly $32 million per hour. As of July 2026, Apple's split-adjusted shares outstanding had fallen from about 26 billion when Cook took over to 14.6 billion, a decline of about 44%. This means each share bought early in Cook's tenure now corresponds to nearly 80% more ownership of the company than at the time of purchase.

Cook resumed dividend payments in 2012 and launched a large-scale share buyback program. Apple's board has repeatedly raised its buyback authorization records: an initial $10 billion in fiscal 2013, later increased to $60 billion; $100 billion in 2018; $110 billion in 2024, the largest single authorization to date; and $100 billion in each of 2025 and 2026. To date, Apple has repurchased $877 billion of stock under Cook, making it the largest buyback company globally.

Since Apple launched its buyback program, its valuation has risen markedly. For most of the 2010s, Apple's price-to-earnings ratio fluctuated between 12 and 18 times; its trailing P/E now stands at 36 times. Apple cancels repurchased shares, and the reduction in shares outstanding increases existing shareholders' ownership stakes. At Apple's current market capitalization, a $100 billion buyback authorization equates to repurchasing roughly 2% of the company's shares.