In the technology giant, a landmark executive reshuffle has taken place. Tim Cook, who led Apple for nearly 15 years, has stepped down as CEO, handing the reins to John Ternus, a 25-year company veteran who rose from hardware engineering. Cook will retain his position as executive chairman of the board, but operational control fully passes to the new leader.
The personnel changes also affected other key figures. Phil Schiller, the legendary marketer and longtime ally, has stepped away from managing the App Store and organizing product presentations. These areas are now overseen by Eddy Cue and Kristin Huguet Quayle. Inside the company, this move is seen as preparation for Schiller's full departure, which sets Ternus the task of not only preserving but also rebuilding the team culture, compensating for the loss of experienced specialists.
The main challenge is not AI, but sales
Contrary to expectations, the key task for the new CEO will not be chasing artificial intelligence, but the mundane yet critically important work of sales. As industry experts rightly note, Ternus first and foremost needs to sell iPhones. This product remains the main driver of the business: last quarter, revenue from it grew by 21%, which over the year lifted AAPL shares by 37%. However, the new leader has also inherited a serious margin risk — the rising cost of memory chips.
Ternus's strategy for the future is fairly clear: a bet on the foldable iPhone and an updated Siri based on the Gemini model. This is an attempt to kill two birds with one stone — maintain sales of the flagship device while simultaneously proving that Apple is still capable of technological breakthroughs, closing the gap in the AI race.
Market reaction
The market received the change of power with caution. On Monday, shares fell to $313, although by evening they partially recovered, trading around $316.85, which is 0.89% below Friday's close ($319.70). On social media, investors noted a spike in volatility at the moment of the transition of authority. Despite this, over the year the shares have gained about 37%, but they are still far from the historical high set in July, when the market capitalization nearly reached $5 trillion.
The September 9 presentation, where the foldable iPhone is expected to be announced, will be Ternus's first exam. Whether he can turn Apple's engineering power into a breakthrough in the AI market will be seen in the near future.
My view: Ternus's appointment is a pragmatic, not revolutionary, step. Cook leaves behind a cash-generating machine, but the main threat to Apple now is not competitors, but inertia. If Ternus cannot rethink the product lineup and offer the market something more than iterative updates, even record iPhone sales will not save the market capitalization from stagnation.