September 1, 2026 — At 15:00 Beijing Time, Apple's leadership page officially updated. John Ternus's title changed to CEO — Apple's first CEO transition in 15 years .

Tim Cook, who took over from Steve Jobs in August 2011, stepped down after a 15-year tenure that transformed Apple from a $350 billion company into a $4.6 trillion behemoth . Cook is not leaving Apple entirely — he becomes Executive Chairman and will continue engaging with policymakers worldwide .

The transition closes one of the most consequential leadership chapters in Apple's history and opens a new one. Ternus, Apple's former Senior Vice President of Hardware Engineering, now faces his first test: the September 9 "Surprise and Shine" event, just eight days away .

Who Is John Ternus? From Mechanical Engineer to Apple CEO

At 51, Ternus is roughly the same age Cook was when he took over in 2011. But their backgrounds couldn't be more different .

Cook came from supply chain and operations. Ternus is a product engineer—a mechanical engineer by training, with a bachelor's degree from the University of Pennsylvania. In college, he was a standout swimmer, winning championships in the 50-meter freestyle and 200-meter individual medley .

Before Apple, Ternus worked at Virtual Research Systems, a VR headset company in the early days of immersive technology. That gave him exposure to cutting-edge display technology and human-computer interfaces .

He joined Apple's product design team in 2001, just as the company was preparing to redefine the industry . Over 25 years, Ternus worked on nearly every major Apple product line:

• 2013: Became Vice President of Hardware Engineering, overseeing AirPods, Mac, and iPad
• 2020: Expanded to include iPhone hardware engineering
• 2021: Promoted to Senior Vice President of Hardware Engineering, leading Apple's entire hardware engineering team
• Role: Instrumental in the Mac's transition from Intel to Apple Silicon

Tim Cook described Ternus as someone with "an engineer's mind and an innovator's soul" . Ternus told employees in his first message as CEO that he doesn't plan to change Apple's direction — he plans to build on what Cook created.

Cook's 15-Year Legacy: $350B to $4.6T

When Tim Cook took over from Steve Jobs in 2011, Apple had a market cap of around $350 billion. The iPhone had been on the market for just four years .

Under Cook's leadership, Apple grew to a $4.6 trillion market cap in 2026 — second only to NVIDIA. Revenue climbed from $108.2 billion in fiscal 2011 to $466.8 billion, and net income from $25.9 billion to $128.9 billion .

In his farewell message to Apple employees, Cook reflected on his time at the company: "As you know, I am not leaving Apple. But I am stepping away from a role that I have loved deeply." He added that the accomplishments he valued most "could not necessarily be measured in an annual report" .

September 9 Event: What's Coming

Apple's September 9 event — with the tagline "Surprise and Shine" — is Ternus's first keynote as CEO . The event will stream from Steve Jobs Theater at 10:00 AM PT (September 10, 1:00 AM Beijing Time) .

This is widely considered Apple's most product-packed September event in recent memory.

Notably absent: the standard iPhone 18, iPhone 18e, and iPhone Air 2 are expected to be delayed to spring 2027 — a first for Apple's iPhone release cadence .

iPhone Ultra: Apple's Foldable Gamble

The foldable iPhone is by far the biggest product of the event — and a project Apple has reportedly worked on for a decade .

Key rumors about the iPhone Ultra:

• Design: Book-style fold (like Galaxy Z Fold), not a clamshell (like Galaxy Z Flip)
• Display: ~7.8-inch inner display, ~5.3-inch cover screen
• Thickness: Only 4.5-4.8mm thick — Apple's thinnest iPhone ever
• Performance: A20 Pro chip (2nm), 12GB RAM
• Camera: Two 48MP rear cameras, no telephoto lens
• Authentication: Touch ID in power button (no Face ID due to thickness constraints)
• Price: ~$2,300-$2,500, making it the most expensive iPhone ever
• Availability: First batch reportedly shipping to the U.S.

Bloomberg's Mark Gurman, who has spoken with early testers, reports they were impressed by the hinge and how the phone fits in a pocket, and found it works well as a camera viewfinder .

IDC projects that Apple will ship 17 million foldable iPhones by 2027, with the company entering a market that's expected to grow 12.6% in 2026 — a rare bright spot in a smartphone market projected to decline 16.7% this year .

iPhone 18 Pro: 2nm A20 Pro Debut

For most iPhone buyers, the iPhone 18 Pro and Pro Max will be the more relevant updates — and they represent a meaningful hardware leap.

A20 Pro: Apple's First 2nm Chip

The most significant upgrade is the A20 Pro chip, Apple's first manufactured on TSMC's 2nm process . According to supply chain leaks, the shift from 3nm to 2nm could deliver:

• ~18% performance improvement over the A19 Pro
• ~30% power efficiency gains, extending battery life
• WMCM packaging — bringing RAM closer to the CPU, GPU, and Neural Engine for faster AI processing
• Apple's own C2 modem for improved 5G connectivity

Variable Aperture: Pro Max Exclusive

One rumored camera breakthrough: the iPhone 18 Pro Max may feature a mechanical variable aperture main camera — a first for the iPhone . This would allow the camera to physically adjust the lens opening for better light control and depth-of-field effects.

Price Increases Expected

With memory costs climbing, the iPhone 18 Pro could see a significant price increase. Some estimates suggest the starting price could reach $1,199-$1,399 . Apple is reportedly expecting price hikes across the lineup amid the ongoing memory shortage .

Key Takeaways