Apple Inc. announced the appointment of John Ternus as its new CEO, effective September 1, 2023. Ternus, who has been with Apple for over 20 years, has played a pivotal role in the development of key products such as the iPhone, iPad, and Mac. His extensive experience includes serving as vice president of hardware engineering and senior vice president of hardware engineering, where he reported directly to outgoing CEO Tim Cook. Ternus is recognized for his visionary leadership and has been instrumental in shaping Apple's product roadmaps and long-term strategy. With a net worth estimated at $75 million, his compensation package as CEO is expected to align closely with Cook's, who earned approximately $74.6 million last year. This leadership transition occurs at a crucial time as Apple adapts to rapid changes in the tech industry, particularly in artificial intelligence, marking the end of an era under Cook's leadership.