Tim Cook is stepping down as Apple CEO and preparing to hand over the reins to John Ternus on September 1, 2026. Before this significant transition, Apple held a special farewell party for Cook.

Approximately 200 people gathered at the Caffé Macs cafeteria in the company’s headquarters. The band OneRepublic performed, adding to the festivities.

A New Era Begins at Apple

According to The Information, the farewell party was held on August 23rd, just one day before Cook’s 15th anniversary at Apple. Notable figures such as Steve Jobs’ wife Laurene Powell Jobs, former Apple COO Jeff Williams, and Apple Chief Services Officer Eddy Cue gave speeches at the event.

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New CEO John Ternus also spoke at the event, using words of praise for Cook. Although Cook is handling his duties, he is not completely leaving Apple.

Tim Cook will begin his new role as Apple’s CEO on September 1st. In this new position, Cook will continue to contribute to the company in certain areas, engaging with policymakers worldwide.

It is stated that Cook will be less in the public eye in this new role. The main focus of the transition process within the company is said to be continuity.

According to information from within Apple, very little is expected to change in the company with the management change. It was even noted that Cook’s executive assistant will continue in his role and work with Ternus.

John Ternus and the Future of the Company

John Ternus has been a notable figure at Apple since 2001. Since 2021, Ternus has served as the senior vice president responsible for hardware engineering.

Apple’s iPhone event in September will be Ternus’s first major product launch as CEO. This event is seen as the new management’s first test.

Cook last attended a benefit meeting on July 30, 2026, as CEO. At this meeting, Cook and CFO Kevan Parekh reviewed the financial results for the second quarter of the 2026 calendar year.

During the meeting, Cook announced that Apple was forced to increase Mac and iPad prices in June. This decision was attributed to the exponential increase in memory costs.

Cook described the current situation in memory prices as a 100-year flood, stating that they reluctantly implemented price increases. Despite these strong market conditions, the company emphasized the long-term trust of its shareholders.

In his address to shareholders, Cook expressed his gratitude to all investors who have trusted the company for many years. This farewell speech was one of his last official addresses as CEO.

What are your thoughts on this fundamental management change at Apple?