Tim Cook

Ternus will continue overseeing Apple’s smart glasses efforts and new Siri AI features.

Cook said Apple could use its cash reserves to boost memory supply. He said the company has no plans to build its own memory or storage factories.

Apple spent US$4.3 billion on capital expenditure over the past two quarters, down from about US$6 billion a year earlier.

The move will be Apple’s first CEO change since Cook replaced co-founder Steve Jobs in 2011, shortly before Jobs died.

Apple makes most of its devices in China but has diversified some assembly to Vietnam and India.

Sabih Khan, chief operating officer, met suppliers including Sunwoda’s battery plant in Shenzhen and Foxconn’s iPhone assembly lines.

CEO Tim Cook highlighted plans to expand manufacturing in the US.

The stock decline also comes amid broader concerns about AI investments and sector uncertainty, with analysts citing increased caution toward big tech firms.

John Ternus, currently senior vice president of hardware engineering, will now oversee both hardware and software design teams.

Most of Cook’s pay package came from stock awards, while his base salary remained at US$3 million, unchanged from previous years.