You can have the Newsbeat regularly delivered to your mailbox so you never miss any news. This is a free service -- you can unsubscribe any time. Enter your email address and click the submit button; then confirm your subscription from your email.

Apple will have a new CEO Tuesday

by

Apple will have a new chief executive Tuesday as longtime hardware executive John Ternus officially takes over from Tim Cook, marking a major leadership change at one of the world’s most valuable companies.

Ternus becomes CEO Sept. 1 after Apple’s board unanimously approved the succession plan in April. Cook, who has led Apple since 2011, will remain with the company as executive chairman, focusing in part on government relations. Arthur Levinson will become lead independent director.

newsbeat cropped

Ternus brings 25 years of experience at Apple to the top job. Most recently, he led hardware engineering for some of the company’s best-known products, including the iPhone, Mac and Apple Watch. His responsibilities have also included the iPad, AirPods and Vision Pro headset.

He takes over with Apple shares near record territory. Apple closed Friday at $319.70, up nearly 40% over the past 12 months and about 6% below its record closing price. The company briefly reached a $5 trillion market capitalization in July.

While the leadership transition has been planned for months, Ternus inherits significant challenges, particularly as Apple attempts to strengthen its position in artificial intelligence.

Bank of America has maintained its Buy rating on Apple ahead of the transition, with analyst Wamsi Mohan expecting the company’s core businesses to remain steady while Ternus considers increasing spending on AI.

Apple is preparing to roll out iOS 27 with new Siri AI capabilities, while its macOS Golden Gate operating system is expected by Sept. 22.

Ternus won’t have long to settle into his new role. His first major public test as CEO is expected at Apple’s Sept. 9 product event, where the company is widely expected to unveil a foldable iPhone.

Cook’s departure as CEO ends a 15-year tenure in which Apple dramatically expanded its product lineup, services business and market value following the death of co-founder Steve Jobs.

For Ternus, however, the larger question may be whether a career built around Apple’s hardware successes can translate into similar progress as the company competes in the rapidly developing AI market.

Source: Yahoo!Finance

>