Tim Cook will become executive chairman of Apple's board, and John Ternus will take over as CEO.

Tim Cook has been appointed executive chairman of Apple's board of directors, replacing Arthur Levinson, and John Ternus, a 25-year veteran of the company, will become CEO. Cook, who has led Apple since 2011, stated that it has been a privilege to be CEO and praised his team for their innovations. Ternus expressed his gratitude for the opportunity to continue Apple's mission, mentioning the influence of Steve Jobs and Tim Cook on his career. During Cook's tenure, Apple launched products such as the Apple Watch and AirPods and expanded its services, generating over $100 billion in annual revenue. Additionally, Apple's market value has increased by approximately $3.6 trillion. Analysts emphasize that Ternus, being chosen in place of a candidate with software experience, reflects Apple's vision as a hardware-focused organization. However, Cook's departure is considered a challenge, given Apple's transition towards artificial intelligence strategies.