Today marks a major shift in Apple's leadership as John Ternus officially assumes the role of Chief Executive Officer. The Cupertino-based company announced in April that Tim Cook would step down, passing the torch to the chief hardware executive. Ternus, who has been with Apple since 2001 and led the hardware division since 2013, previously served as Senior Vice President of Hardware Engineering.

Under his leadership, the engineering efforts behind the iPhone, iPad, Mac lineup, AirPods, and Vision Pro have been developed. One of his most notable achievements is leading the transition of MacBooks from Intel-based designs to custom Apple Silicon SoCs. Over the summer, Ternus and Cook collaborated to ensure Apple's long-term goals remained a priority.

Within the company, Ternus has emerged as the most visible internal contender to lead Apple in the coming years. His expanded role in product roadmaps and recent prominence at launches provide the board with a technologist-first option. Now, he will continue to lead Apple, known as the "hardware guy," whose technological vision will shape the multi-trillion dollar company.

However, Ternus will have to build on the massive success that Tim Cook brought. About 15 years ago, when Tim Cook became CEO on August 24, 2011, Apple was worth $347 billion. Since then, the company has grown to a $4.6 trillion market capitalization, which was only possible under the right leadership.