VERIFIEDBy Xavier Rivera· ·1 min read
Apple Taps Hardware Chief John Ternus to Succeed Tim Cook as CEO
Apple named hardware chief John Ternus to succeed Tim Cook as CEO in September, with Cook becoming executive chairman. Investors see the hardware focus positively amid concerns over Apple's lag in AI compared to megacap peers.
Source:CNBC Tech
TL;DRAI · 60 sec read
Apple announced John Ternus, its hardware chief, will replace Tim Cook as CEO in September. Cook transitions to executive chairman.
Investors told CNBC they were shocked by the announcement but viewed the choice of a hardware-focused executive positively. CNBC's Jennifer Elias notes Ternus inherits Apple's artificial intelligence problem, with Wall Street broadly viewing the company as lagging its megacap peers in AI. Closing that gap presents a defining challenge for the new chief.
Apple shares ticked lower in extended trading, putting the iPhone maker's modest 2026 gain at risk. The stock has soared more than 1,930% since Cook took over from Steve Jobs in 2011.
Investors told CNBC they were shocked by the announcement but viewed the choice of a hardware-focused executive positively. CNBC's Jennifer Elias notes Ternus inherits Apple's artificial intelligence problem, with Wall Street broadly viewing the company as lagging its megacap peers in AI. Closing that gap presents a defining challenge for the new chief.
Apple shares ticked lower in extended trading, putting the iPhone maker's modest 2026 gain at risk. The stock has soared more than 1,930% since Cook took over from Steve Jobs in 2011.
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