Apple’s First Leadership Change in 15 Years: Cook Leaves a $4 Trillion Empire, Successor Has to Pass Three Tests

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Apple has a new boss. Cook stepped down on September 1, transferring to Executive Chairman, and the new CEO is John Ternus, who previously oversaw hardware engineering.
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Cook served for 14 years. During his tenure, Apple’s market value grew from $350 billion to $4 trillion, revenue increased by several times, and it also rolled out new products like Apple Watch, AirPods, and Vision Pro. But now, Apple faces pressures that are no less than—if anything, more than—when Cook first took over.
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Ternus is taking over a burning hot potato. First, it’s behind in AI. The new Siri has been delayed by two years and still isn’t here; the team has been pulled into intensive training, and OpenAI is still poaching talent. Second, Trump’s tariff hammer could fall at any moment. Ninety percent of products are assembled in China, and moving the supply chain to India and Vietnam is only just beginning. Third, even though Cook is no longer CEO, he still holds the line of government relations. Going forward, it’s hard to say who will ultimately have the say between whoever speaks for Ternus and Cook.

In plain terms, Cook is a genius at operations, honing Apple’s money-making machine to the extreme. Now, replacing him with a hardware engineer makes the intent very clear: Apple can’t just keep living by squeezing the supply chain anymore—it has to prove again that it can still create something truly eye-catching. That’s the hardest part.
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