Cook Hands Over Reins to Ternus Amid Apple's Shift

Apple's succession plan has been revealed, with Tim Cook handing over the reins to John Ternus as hardware boss. The move comes after 15 years at the top for Cook, who will retain some duties including government engagement in his new role as executive chairman.

Ternus joins the board and takes control of Apple's $109.4 billion quarterly machine, which is still heavily reliant on physical products. According to Apple's latest quarterly statements, products delivered 71.9% of revenue, or $78.68 billion, while services contributed the remaining 28.1%.

Cook retains some influence in his new role and will work alongside Ternus as he takes over. The stock price has taken a slight hit, trading at $316.51, down approximately 1.0%, but remains above its $284.21 GF Value estimate by 11.36%.