Tim Cook Delivered a 2,720% Total Return Over 15 Years. Here's Whether John Ternus Can Do the Same for Apple Investors.

Tim Cook just stepped down as CEO of Apple (NASDAQ: AAPL) after a storied 15-year tenure. During his time as CEO, Apple stock returned 2,720% to investors, including dividends, which is a tough act to follow. The pressure is on for new CEO John Ternus as he takes the reins. Here's what to expect.

More than an apple a day

The first iPhone came out in 2007, when Steve Jobs was still CEO, and Tim Cook turned it into the world's top-selling smartphone. According to Counterpoint Research, Apple accounted for the three top-selling smartphones in the 2026 second quarter, and according to Statista, there are an estimated 1.6 billion active units today, with the company shipping nearly 248 million units in 2025 alone. iPhone sales have increased by more than 20% over the past three quarters,and The Wall Street Journal has called it "the most lucrative product in history."

Apple CEO John Ternus. Image source: Apple.

Cook also developed several significant products and services over his time as CEO, including Apple Pay and Apple TV streaming, and he got the company started with Apple Intelligence. However, while Apple's hyperscaler competitors have launched major artificial intelligence (AI) platforms, Apple has lagged.

Can Ternus deliver?

There had been reports of several candidates for Cook's replacement, and the choice of Ternus, who had previously headed the company's hardware division, tells shareholders how it's thinking about the future. Apple's edge is in hardware, where it differs from the other major tech giants; most of them are software companies. It has grown in importance through its focus on the user experience and ecosystem, which is what brings loyal customers back again and again.

However, Ternus is taking on the top role at a time when Apple is facing challenges. Management has said that soaring memory prices are leading to some price hikes, and it's already feeling some margin pressure. The market is highly anticipating developments in Apple Intelligence, and the updated Siri voice assistant is rolling out. Apple stock briefly surpassed $5 trillion before the latest earnings report, but it fell on the news of margin pressure and the guidance for lower iPhone sales growth.

These are short-term factors, though. Ternus can revive the stock if Apple Intelligence impresses investors and if the company creates the kind of innovations it's known for. Ternus was on the 2026 fiscal third-quarter earnings report (ended June 27), but so far, shareholders haven't heard too much from him.

Apple has its Surprise and Shine event on Sept. 9, where it's expected to launch several iPhone 18 models, as well as the iPhone Ultra foldable phone and other new products. It will be the first time investors get to hear Ternus as CEO.

Keep in mind, though, that even if Ternus is successful in bringing Apple into a new era, it isn't possible to deliver another 2,720% in gains for Apple stock. The base is just too big for that kind of growth. It can still offer value to shareholders, but that kind of growth is only possible for new start-ups.

Jennifer Saibil has positions in Apple. The Motley Fool has positions in and recommends Apple. The Motley Fool has a disclosure policy.