Apple names insider John Ternus as CEO, Cook to become executive chairman

SAN FRANCISCO, California - Apple on Monday named insider John Ternus as its next CEO, tasking the long-time hardware chief to steer the company after Tim Cook as the iPhone maker gears up for an industry change spurred by artificial intelligence.

Ternus, who joined Apple in 2001, has played a key role in reigniting sales of products such as Apple's Mac computers, which have gained market share in recent years.

At 50, Ternus is the same age Cook was when he took over CEO duties from Apple co-founder Steve Jobs. He most recently showed the company's iPhone Air last autumn, the biggest revamp of the iPhone since 2017 and a key proving ground for several new chips.

Ternus, who helped bring about now-ubiquitous products such as iPads and AirPods, will be tasked with helping Apple navigate a technology landscape upended by AI, after losing its crown as the world's most valuable company to Nvidia.

Ternus will have to fend off Nvidia, which has announced its own personal computer and is working on chips that can power laptops, as well as rivals such as Meta Platforms, whose augmented-reality glasses have become a surprise hit with just a fraction of the capabilities - and price tag - of Apple's Vision Pro headset.

"The promotion of Mr. Ternus indicates the company will focus on new hardware devices such as folding phones, glasses, VR devices and AI pins," said Gil Luria, managing director of D.A. Davidson & Co.

Cook will become the company's executive chairman, Apple said in a statement. Apple stock has soared twenty-fold since Cook took over as CEO in August 2011.

Cook, who presented a custom golden plaque to U.S. President Donald Trump, will also continue to engage with policymakers, the company said.

In naming Ternus chief executive, Apple is shifting from a supply-chain guru who helped turn Apple into a global brand that churns out hundreds of millions of units per year, to a leader who has long focused on design and products.

Ben Bajarin, CEO of technology consulting firm Creative Strategies, said Ternus is well-liked within Apple "and will bring fresh energy."

Separately, Apple said that Johny Srouji, who has overseen Apple's custom chip and sensor designs, has been named chief hardware officer. — Reuters