Apple Picks Hardware Chief as CEO

Apple announced Tim Cook will step down as CEO in September and hand the role to John Ternus, the company’s senior vice president of hardware engineering; Johny Srouji will take on an expanded chief hardware role while Cook becomes executive chairman. The public release included market‑cap and stock performance figures and framed the move around Apple’s AI transition and supply‑chain challenges. — This succession signals a possible hardware‑first posture for Apple’s next phase of AI and chip strategy, with implications for global supply chains, U.S. and foreign industrial policy, and market competition among AI compute providers.