Apple Taps New CEO Amid AI Push and Cost of Living Concerns

John Ternus has taken over as Apple's CEO, succeeding Tim Cook who held the role for more than 15 years. The new chief executive is expected to tackle several tech industry challenges to help strengthen Apple's position as a trillion-dollar company.

Ternus joined Apple's design team in 2001 and worked his way up to senior vice president of hardware engineering, reporting to Cook. He will lead the company during its annual iPhone event later this month, where it is expected to reveal its first-ever foldable mobile device.

Dan Ives, Partner and Senior Managing Director at Yorkville Ives & Co, comments on Tim's leadership and John's transition: 'Tim Cook left the house in phenomenal order. But now, it's about Ternus defining the AI chapter.'