Hardware engineering executive succeeding Tim Cook is a longtime Apple insider, indicating company will continue strategy that has led to record profits

Tim Cook stepped down as CEO of Apple on 31 August. John Ternus, a longtime company veteran, succeeded him the next day as the company’s new chief executive. Cook has transitioned to the role of executive chairman of Apple’s board of directors.

Ternus, a hardware engineering executive, is a tenured Apple insider, and his ascension indicates the company will stay the course that has led to record profits under Cook’s leadership. Apple’s yearly profit now tops $100bn, the company is worth about $4.5tn, and it has notched record revenue from its iPhones this year, boosted by renewed demand in China.