Leadership change at Apple sparks industry and Wall Street reactions as Cook transitions roles

Tim Cook is stepping down as Apple CEO and transitioning to executive chairman, with John Ternus set to take over on September 1, 2026, as reactions begin pouring in from across the tech industry and Wall Street.Apple said the leadership change follows a long-planned succession process, with Ternus, a 25-year company veteran and current head of Hardware Engineering, stepping into the CEO role as the company navigates its next phase of innovation.John Ternus joined Apple in 2001 and currently serves as senior vice president of Hardware Engineering, where he has overseen work on many of the company’s flagship products across iPhone, Mac, iPad and Apple Watch. He became a vice president in 2013 and joined Apple’s executive team in 2021.During his tenure, Ternus has played a key role in developing new product lines like iPad and AirPods, while also helping drive advancements in Apple’s Mac lineup and its transition to in-house silicon.APPLE CLOSING 3 STORES, INCLUDING ITS FIRST-EVER UNIONIZED LOCATION, SPARKING UNION-BUSTING CLAIMSHe has also led efforts focused on durability, materials innovation, and sustainability, including the use of recycled aluminum and new manufacturing techniques.APPLE UNVEILS LOWER COST IPHONE 17E, RAISES PRICES ON MACBOOKSSam Altman reacted to the news by praising Cook’s legacy and impact on the tech industry."Tim Cook is a legend," Altman said. "I am very thankful for everything he has done and I am very thankful for Apple."NEW EMOJIS COMING TO APPLE IPHONES IN LATEST UPDATEWedbush analyst Dan Ives said the transition comes at a critical moment for Apple, particularly as it pushes deeper into artificial intelligence.GET FOX BUSINESS ON THE GO BY CLICKING HERE"These will be big shoes to fill and the timing of Cook exiting stage left as CEO could make sense but also creates questions," Ives said. "Apple is making a major transition on its AI strategy and longtime CEO and legendary Cook leaving now is a surprise. We agree with Ternus as the pick."This is a developing story.Weiter zum vollständigen Artikel bei FOX Business Weiter zum vollständigen Artikel bei FOX Business