According to media reports, Apple Inc. has named John Ternus as its new chief executive, replacing Tim Cook, who will step down after 15 years leading the technology giant.

Apple announced that Ternus, currently the head of hardware engineering and a 25-year veteran at the company, will assume the role on 1 September. 

Cook will transition to the position of executive chairman. He will remain chief executive through the summer to oversee the leadership transition and later assist with select responsibilities, including engagement with global policymakers.

Cook has led Apple since 2011, succeeding co-founder Steve Jobs, who resigned due to health reasons shortly before his death. 

During Cook’s tenure, Apple grew into one of the world’s most valuable companies, becoming the first public firm to reach a USD 1 trillion valuation in 2018. The company is now valued at approximately USD 4 trillion.

Ternus, who has worked on nearly every major Apple product, including successive generations of the iPhone and iPad, as well as launches such as AirPods and the Apple Watch, also led the transition of Mac computers to Apple’s in-house silicon.

His appointment comes amid longstanding criticism that Apple’s product innovation has slowed under Cook, despite strong financial performance. 

Cook, whose background was in operations at companies such as IBM and Compaq, was known for scaling Apple’s business and strengthening its global supply chain.

However, critics have pointed to a lack of breakthrough products during his tenure, with offerings like the Apple Vision Pro seeing limited commercial success.