Ternus Era Begins as Apple Shares Rise on CEO Handover

Apple shares rose by 2.7% after John Ternus took over as chief executive, succeeding Tim Cook.

Ternus, Apple's former senior vice president of hardware engineering, has already begun shaping the company's direction, with moves including layoffs within Apple's Vision Products Group and the return of retired hardware engineering vice president Laura Legros.

In an email to staff on his first day as CEO, Ternus thanked colleagues for their support and praised Cook's leadership, saying 'We're so lucky to have had a CEO who led with his values and with such decency and humanity.'

Ternus pointed to a major product launch next week and other projects already underway, expressing excitement about what lies ahead.

Bank of America analysts expect much of Apple's core business to remain unchanged under Ternus, citing strong capital returns and potential leadership in AI at the edge as key factors behind their rating.