Apple’s Leadership Transition
On September 1, 2023, John Ternus will succeed Tim Cook as CEO of Apple Inc. (NASDAQ: AAPL) after 15 years in the role. Ternus, the company’s head of hardware engineering and a 25-year veteran, is taking over as Cook steps down to become executive chairman of the board. The board approved this leadership change in April 2023.
As of now, Apple’s market capitalization is approximately $4.6 trillion, reflecting a more than 30% increase over the past year. Ternus will inherit a company trading at around 36 times earnings, which is significantly higher than what Cook faced when he took over in 2011, when the stock was about 15 times earnings. Historical data shows that planned CEO transitions within large tech companies have seen varied first-year stock performance, ranging from a 38% decline to a 76% increase.
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