Who is the new Apple CEO, John Ternus and what’s next for Tim Cook?

John Ternus, Apple's hardware chief, will assume leadership of the company from Tim Cook upon his departure on September 1. Cook, who took over as CEO 15 years ago, will become executive chairman, steering Apple through the AI era and policymaker interactions amidst tense U.S.-China relations. Cook's tenure saw Apple's annual sales surge from $108 billion to $416 billion and profit increase from $108 billion to $112 billion.

Ternus' compensation package includes a $3 million annual salary and a $55 million equity award pegged to Apple's stock performance. Critics argue Apple has lost its innovation edge in Cook's era, with misses like the scrapped EV project, Apple Maps launch fiasco, and underwhelming AR headset sales. Ternus faces the challenge of AI integration beyond the iPhone and maintaining manufacturing efficiency as the company reduces its reliance on China.