Ternus Takes the Helm at Apple as G20 Meetings Continue
John Ternus officially took over as CEO of Apple today, succeeding Tim Cook who will step into the executive chairman role after 15 years at the helm. Ternus has been relatively low-key since the succession plan was announced in April and has only made a few appearances on Apple's earnings calls.
Cook expressed his excitement for the next chapter on his last day as CEO, saying 'I'm excited for the next chapter' and that he 'loves' the Apple community. Ternus is expected to make more of an appearance at Apple's annual launch event next week where new iPhones and Apple Watches are set to be revealed.
The Group of 20 finance ministers continued their meetings in North Carolina, with Treasury Secretary Scott Bessent saying that the US needs to 'grow its way out' of its debt pile. Federal Reserve Chairman Kevin Warsh also spoke at the meeting, emphasizing the need for growth and a global investment surge.
The Federal Trade Commission and 22 state attorneys general have taken Amazon to court over allegations that the company secretly manipulated prices in its auctions, leading to 'hidden surcharges' of more than $20 billion since 2019. FTC Chairman Andrew Ferguson stated that these higher costs were largely passed on to American consumers.