Tim Cook is spending his final day as Apple’s chief executive on 31st August, bringing to a close a 14-year tenure that transformed the company into one of the most valuable businesses in history. From 1st September, Hardware Engineering Chief John Ternus takes the helm as Apple’s new CEO.

Cook will not be leaving Apple entirely. The company has confirmed he will move into the role of Executive Chairman of the Board of Directors, with a remit covering certain company matters and engaging with policymakers around the world.

Cook took on the chief executive role in August 2011 following Steve Jobs’s departure due to ill health. In the years that followed, Apple reached the position of the world’s most valuable company on multiple occasions, launching a string of significant products and services along the way, among them the Apple Watch, AirPods, HomePod, Vision Pro, Apple Music and Apple TV. The company has also posted a series of all-time quarterly revenue records in recent reporting periods, leaving it in robust financial health as leadership changes hands.

Ternus, who has spent 25 years at Apple, most recently overseeing hardware engineering, steps up at a moment of considerable momentum. Cook spoke warmly of his successor, describing him as someone with the mind of an engineer and the soul of an innovator and expressing confidence that Ternus is the right person to lead Apple forward.

Cook also reflected on his own time at the top with evident feeling. He described the role as the greatest privilege of his life and expressed deep gratitude for the opportunity to work alongside a team he characterised as ingenious, innovative and deeply committed to improving the lives of Apple’s customers.

Ternus, for his part, signalled a firmly optimistic outlook ahead of his first day in the top job, noting his belief in what the company can achieve and in the quality of the people around him.

The transition marks one of the most anticipated leadership changes the technology industry has seen in years. With Apple’s finances in strong shape, Ternus inherits a company that is, by most measures, very well positioned for whatever comes next.