Apple CEO transition: Tim Cook steps down, John Ternus takes over Sept 1, 2026

Cook becomes executive chairman. Ternus recruiting retired hardware VP Laura Legros. Stock down 7% despite strong revenue. Apple cuts 200+ jobs in Siri, Vision Pro, gaming; confirms pivot to AI glasses. BofA analysis suggests Ternus may increase risk appetite, R&D, and M&A. Apple's AI dilemma deepens. Multiple articles today confirm these events; no new data beyond what was already captured. A recent analysis outlines three pressing challenges for Ternus: AI positioning, product strategy, and capital allocation.