John Ternus Appointed Apple's CEO, Succeeding Tim Cook
On September 1, 2026, Apple officially announced John Ternus, a seasoned engineer with 25 years at the company, as its new CEO, taking over from Tim Cook, who led Apple for 15 years. Cook transitions to the role of executive chairman. Ternus steps into his position as Apple intensifies efforts to advance its presence in artificial intelligence, drawing industry focus on how he will guide the company through this pivotal technology transformation.
Leadership Changes: Phil Schiller Steps Back from Key Roles
Simultaneously, Apple marketing veteran Phil Schiller has relinquished his responsibilities governing the App Store and leading major product launches. These duties have been reassigned to Eddy Cue, head of services, and Kristin Huguet Quayle, director of public relations. Although Schiller retains the honorary title of "Apple Fellow," this move is widely viewed as the beginning of his gradual retirement. Ternus's takeover coincides with this and other executive departures, presenting challenges for the company’s leadership dynamics.
Priorities Under Ternus: Driving iPhone Revenue Amid AI Ambitions
Tech analyst Alex Kantrowitz noted on CNBC that while artificial intelligence remains a strategic focus for Apple's future, Ternus’s immediate priority will be bolstering iPhone sales. The previous quarter saw iPhone revenues jump 21%, a key growth driver behind a 37% rise in Apple’s stock over the past year. However, Kantrowitz also highlighted rising memory chip costs as a potential threat to profit margins—an issue Ternus must vigilantly manage.
Looking ahead, Ternus plans to leverage hardware innovation, including the launch of a folding iPhone, alongside AI advancements such as a new Siri voice assistant built on Google’s Gemini model. These initiatives aim to narrow Apple’s competitive gap in both hardware and AI technologies.
Stock Market Reaction: AAPL Dips Slightly on Leadership Transition
On the day Ternus assumed the CEO role, Apple’s stock experienced volatility, dipping intraday to a low of $313 before partially recovering in after-hours trading to close at $316.85, down 0.89% from the previous session. Investors remain cautious, awaiting clearer indications of the new leadership team’s strategic moves and their impact on Apple's financial performance.