Apple CEO Tim Cook is stepping down in a major leadership shakeup, the tech giant announced Monday.

He will transition to executive chairman of the company’s board of directors and will be succeeded by longtime Apple veteran John Ternus, the company’s senior vice president of Hardware Engineering, effective Sept. 1. 

“It has been the greatest privilege of my life to be the CEO of Apple and to have been trusted to lead such an extraordinary company,” Cook said. 

“I love Apple with all of my being, and I am so grateful to have had the opportunity to work with a team of such ingenious, innovative, creative, and deeply caring people who have been unwavering in their dedication to enriching the lives of our customers and creating the best products and services in the world.”

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Tim Cook to become Apple Executive Chairman and John Ternus to become Apple CEO on September 1, 2026. (Reuters / Reuters)

The company said the transition followed a “thoughtful, long-term succession planning process” and was unanimously approved by the board of directors.

The announcement follows Cook last month downplaying retirement rumors, saying he “can’t imagine life without Apple” after 28 years with the company, CNBC reported. Cook first joined Apple in 1998 as senior vice president of Worldwide Operations before eventually being named permanent CEO in 2011, weeks before the death of co-founder Steve Jobs.

In his new role as executive chairman, Cook will continue to assist with select company matters, with a particular focus on engagement with global policymakers. He will also work closely with Ternus throughout the transition period.

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Tim Cook, chief executive officer of Apple Inc., during the Apple Worldwide Developers Conference at Apple Park campus in Cupertino, California, US, on Monday, June 10, 2024.  (Photographer: David Paul Morris/Bloomberg via Getty Images / Getty Images)

Cook also expressed complete confidence in his successor, describing the longtime Apple executive, who has been with the company for nearly three decades, as a “visionary” best fit to lead Apple into its next chapter. 

“John Ternus has the mind of an engineer, the soul of an innovator, and the heart to lead with integrity and with honor,” Cook said. 

“He is a visionary whose contributions to Apple over 25 years are already too numerous to count, and he is without question the right person to lead Apple into the future. I could not be more confident in his abilities and his character, and I look forward to working closely with him on this transition and in my new role as executive chairman.” 

Ternus, who will also join the board of directors on Sept. 1, has built an extensive legacy in hardware engineering since joining Apple’s product design team in 2001, eventually rising to senior vice president of Hardware Engineering in 2021.

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People visit the Apple store at the Cumberland Mall in Atlanta, Georgia, U.S., May 3, 2022. (REUTERS/Alyssa Pointer)

He has made numerous contributions across Apple’s hardware ecosystem, playing a key role in the development of successive generations of the iPhone, Mac and Apple Watch, as well as the iPad and AirPods product lines.

Beyond specific devices, Ternus has also championed key innovations in product sustainability, including the use of 3D-printed titanium in the Apple Watch Ultra 3 and efforts to improve device repairability to extend overall product lifespans.

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Apple also announced on Monday additional leadership changes alongside Cook’s departure and Ternus’ promotion.

Arthur Levinson, who has served as Apple’s non-executive chairman for the past 15 years, will transition to lead independent director on Sept. 1, 2026.

Johny Srouji, who held the role of senior vice president of Hardware Technologies, has been promoted to chief hardware officer, effective immediately.

Americans who will be traveling this summer could see the cost of their summer vacations jump due to the spike in jet fuel prices.

The energy market has seen increased volatility since the Iran war began and the flow of oil through the Strait of Hormuz has been severely constrained by the threat of Iranian attacks, impacting the availability of a key input in making jet fuel.

Data from the International Air Transport Association (IATA) Jet Fuel Price Index showed that the global price of jet fuel surged from nearly $100 a barrel late last year and at the outset of 2026 to more than $200 a barrel this month before easing back just below that threshold. As of last week, global jet fuel prices are up 105.1% from the prior year, while in North America they’ve risen 82.6% in that period, the lowest increase among regions in the report.

Those price increases have impacted air fares as airlines have looked to mitigate their increased costs through higher prices as well as other measures, such as hiking fees on checked baggage.

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Surging jet fuel prices are impacting airlines as fares and fees rise to account for higher fuel costs. (Mark Felix/Bloomberg via Getty Images)

Phil Flynn, senior market analyst at The PRICE Futures Group and a FOX Business contributor, said that jet fuel is the “wild card in the petroleum complex right now” and explained that “airlines are feeling the pain, especially those that have not hedged.”

“Higher jet fuel costs are a direct hit to margins. Some carriers are hedging aggressively; others are passing costs through with fare hikes,” Flynn said.

“Global air travel demand keeps growing structurally. Any sustained period of high jet prices risks some demand destruction in price-sensitive routes, but the baseline trend is still upward as economies normalize and international travel rebounds,” he added.

AMERICAN AIRLINES JOINS WAVE OF CARRIERS HIKING CHECKED BAG FEES AS JET FUEL PRICES SKYROCKET

Jet fuel prices have surged amid the Iran war. (Nicolas Economou/NurPhoto via Getty Images)

Clint Henderson, principal spokesperson at The Points Guy, told FOX Business that, “New data from The Points Guy and our partner Points Path shows average domestic airfare for the summer is up a whopping 10-15% and international European trips are up 20%.” 

“Still, my advice remains the same – book all your trips now and then hope for a return to stability in the oil markets,” Henderson said. “If the price of your trip drops, you can get a trip credit for the difference (as long as you didn’t book basic economy).”

Henderson encouraged travelers to book trips with points and miles to save money when the cash price of air fares is high, saying “better safe than sorry and with most points and miles programs (at least in the U.S.) you can cancel and get your points back.”

UNITED AIRLINES CHECKED BAG FEES CLIMBS $10-50 AS FUEL PRICES NEARLY DOUBLE SINCE IRAN WAR

The Strait of Hormuz has been effectively closed with few ships making the transit amid the Iran war due to the threat of Iranian attacks. (Giuseppe Cacace/AFP via Getty Images)

Despite the higher prices for jet fuel and air fares, Henderson said that airlines aren’t noting major drops in demand as the “consumer remains resilient at least when it comes to travel,” though he cautioned that could change if inflation remains elevated.

“The other thing to watch for is more capacity cuts. This will be a much bigger story if oil prices stay high. Already we are seeing many airlines cut some routes,” Henderson added.

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Flynn said that if tensions in the Middle East ease, it could lead to prices declining rapidly as jet fuel “remains one of the most geopolitically sensitive products in the barrel.”

“Any de-escalation in the Middle East could ease jet fuel premiums quickly. But persistent disruptions mean refiners will keep pushing yields toward middle distillates, supporting jet and diesel at the expense of gasoline cracks,” Flynn said.

Last week Treasury Man Scott Bessent unveiled Operation Economic Fury to put maximum financial pressure on the hoodlums running the Islamic Revolutionary Guard Corps. I’d like to give that economic fury some more visibility, because I think blockading Iran ports, which will keep the regime out of the money, along with a banking freeze, are two major weapons that will eventually bring the regime to an end.

We know the Iranian ports are being successfully blocked, and it won’t be long until their revenue dries up, and the IRGC, which is basically a government cartel mafioso business operation, won’t even be able to make payroll in the next couple of weeks and their retirement plans will go bust. More than $400 million of losses on a daily basis can really hurt a company. Let’s go a step further. These mob thugs all have bank accounts overseas with the money they have extorted and robbed the citizenry of Iran. Billions and billions of dollars are undoubtedly at stake.

I say these Iranian bank accounts should be seized. Places like Turkey, the UAE, Qatar, Azerbaijan, Pakistan, and I’m sure many others, should hand over the Iranian deposits, and then they could be placed in escrow in a special war account in the Treasury Department. You could say freezing the assets is enough, but I don’t think so. Actual seizure is more comprehensive. And any of these countries who refuse to comply with Operation Economic Fury will be subject to secondary sanctions and tariffs.

For example, that means any transactions by these foreign banks with America and hopefully its allies, would be removed from the international Swift payments ledger system, and would no longer be eligible to undertake financial transactions governed by the New York Fed wire in the United States. This would maximize the financial pressure on the Iranian regime. They have been stealing money and looting the Iranian treasury for decades.

I’m sure they tried to diversify their international portfolios. And for a long time they’ve been getting away with it because they own all these Iranian businesses. And that’s one reason they’re clinging to power against all odds of losing this war to America and Israel.

Here’s one of the key points Mr. Bessent made: “One of the what may prove to be fatal mistakes that the Iranians made was bombing” their “neighbors” in the Gulf Cooperation Council, “and who are now willing to be much more transparent in terms of the funds.”

And it’s not just oil money, it’s the non-oil businesses the IRGC thugs have taken over throughout the years.

Mr. Bessent suggested a freeze which is okay, but frankly I think seizure is more powerful, and I think secondary sanctions are still more powerful.

Banking, blockading, and the final Iranian financial squeeze. We are coming to the end game.

After 15 transformative years at the helm of the world’s most valuable company, Tim Cook is stepping aside as chief executive of Apple, with hardware engineering chief John Ternus set to inherit one of the most coveted seats in global business.

The Cupertino-based group confirmed on Monday that Cook, 65, will become executive chairman of the board on 1 September, with Ternus, senior vice president of hardware engineering, promoted to chief executive on the same date. The succession, approved unanimously by directors, caps what insiders describe as a patient, long-planned handover rather than a hurried passing of the baton.

Cook will remain chief executive through the summer, working alongside his successor to ensure a seamless transition. In his new chairman’s role, he is expected to focus on global policy engagement, a brief that has grown increasingly weighty as Apple navigates tariff regimes, artificial intelligence regulation and geopolitical pressure on its supply chain.

“It has been the greatest privilege of my life to be the CEO of Apple,” Cook said in a statement. “John Ternus has the mind of an engineer, the soul of an innovator, and the heart to lead with integrity and with honour. He is without question the right person to lead Apple into the future.”

The numbers behind Cook’s tenure make for arresting reading. Since succeeding the late Steve Jobs in 2011, Apple’s market capitalisation has swelled from roughly $350bn to $4tn, a gain of more than 1,000 per cent. Annual revenue has almost quadrupled, climbing from $108bn in the 2011 financial year to more than $416bn in 2025. Cook has added Apple Watch, AirPods and Vision Pro to the firm’s hardware roster, while the Services division he championed now generates more than $100bn a year,  a standalone business that would rank inside the Fortune 40.

For British SMEs that built livelihoods around Apple’s ecosystem, from App Store developers in Shoreditch to hardware resellers on the high street, Cook’s legacy has been the steady expansion of a platform that now reaches 2.5 billion active devices across more than 200 countries. Apple’s global retail footprint has more than doubled during his reign.

Ternus, who has spent almost a quarter of a century at the company, represents a return to the engineer-led tradition established by Jobs. He joined Apple’s product design team in 2001, rose to vice president of hardware engineering in 2013 and entered the executive suite in 2021. His fingerprints are on every major product line, from iPad and AirPods to the recent MacBook Neo and the iPhone 17 range, including the ultra-slim iPhone Air that launched last autumn.

“I am profoundly grateful for this opportunity to carry Apple’s mission forward,” Ternus said. “Having spent almost my entire career at Apple, I have been lucky to have worked under Steve Jobs and to have had Tim Cook as my mentor.”

A Mechanical Engineering graduate of the University of Pennsylvania, Ternus cut his teeth at Virtual Research Systems before joining Apple. He has overseen the transition to Apple-designed silicon, the push into recycled aluminium and 3D-printed titanium, and the evolution of AirPods into an over-the-counter hearing aid, a rare example of Big Tech hardware being cleared as a bona fide medical device.

In a further reshuffle, Arthur Levinson, Apple’s non-executive chairman for the past 15 years, will step back to become lead independent director when the new regime takes effect. Ternus will join the board the same day.

“Tim’s unprecedented and outstanding leadership has transformed Apple into the world’s best company,” said Levinson. “We believe John is the best possible leader to succeed Tim.”

Cook’s departure from the chief executive’s office closes a chapter defined as much by stewardship as by showmanship. Where Jobs dazzled, Cook disciplined — turning a maverick product house into an operational juggernaut, reducing Apple’s carbon footprint by more than 60 per cent against 2015 levels even as revenue roughly doubled, and placing privacy at the heart of the brand proposition. Whether Ternus can continue that trajectory while reigniting the pace of hardware breakthrough will define the next era in Cupertino, and reverberate through every business, large and small, that lives within Apple’s orbit.

Jamie Young

Jamie is Senior Reporter at Business Matters, bringing over a decade of experience in UK SME business reporting.
Jamie holds a degree in Business Administration and regularly participates in industry conferences and workshops.

When not reporting on the latest business developments, Jamie is passionate about mentoring up-and-coming journalists and entrepreneurs to inspire the next generation of business leaders.

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NEW YORK — Intel Corp. shares fell 3.78% in early Monday trading on April 20, 2026, dropping $2.59 to $65.91 as Wall Street prepared for the chipmaker’s first-quarter earnings report on Thursday and weighed ongoing challenges in its foundry business against recent progress in AI partnerships and process technology.

The semiconductor giant, which has staged a remarkable recovery in 2026 with shares more than doubling from early-year levels, saw modest profit-taking after closing near recent highs last week. Intel (NASDAQ: INTC) hit an all-time high around $70.33 in mid-April before pulling back slightly, reflecting heightened expectations ahead of the April 23 earnings release and conference call.

Analysts expect Intel to report revenue between $12.0 billion and $12.7 billion for the quarter, with adjusted earnings per share near breakeven or slightly positive. The company guided in January for a soft start to the year amid inventory adjustments and slower client computing demand, though data center and AI-related growth have provided some offset.

CEO Lip-Bu Tan, who took the helm in late 2025, has pursued an aggressive turnaround focused on improving manufacturing yields at the Intel 18A process node, expanding the foundry business and securing external customers. Recent wins include deepened collaboration with Google on Xeon CPUs and custom IPUs for AI infrastructure, as well as a high-profile partnership with Elon Musk’s Terafab project involving Tesla, SpaceX and xAI. That deal, announced earlier in April, positions Intel to supply advanced packaging and design expertise for massive AI computing capacity.

Despite these positive developments, investors remain cautious about execution risks. Intel’s foundry segment continues to post losses, and the company has faced criticism for lagging behind Taiwan Semiconductor Manufacturing Co. in cutting-edge process technology. Recent price target upgrades from firms such as Stifel (to $65 from $42) and Cantor Fitzgerald (to $65 from $60) highlight growing optimism, yet many analysts maintain “Hold” ratings amid concerns over margins and capital spending.

Intel’s stock has benefited from broader enthusiasm for U.S.-based semiconductor manufacturing and government support through the CHIPS Act. The company has received substantial federal funding to expand domestic fabs, including facilities in Arizona, Ohio and Oregon. However, analysts note that meaningful profitability from the foundry business may take several more quarters to materialize.

The upcoming earnings will offer the first detailed look at progress under Tan’s leadership. Key metrics to watch include data center revenue trends, client CPU shipments, foundry operating losses and any updates on the 18A node ramp. Intel has emphasized that 18A is on track for high-volume manufacturing later in 2026, with external customers already committed.

Broader market context added to the cautious tone on Monday. Renewed geopolitical tensions in the Middle East pushed oil prices higher, while the technology sector showed mixed performance. Intel’s decline came despite a strong year-to-date rally fueled by AI optimism, foundry contract momentum and signs of stabilizing client PC demand.

Intel ended 2025 with improved liquidity after cost-cutting measures and asset sales. The company has also repurchased a 49% equity interest in its Ireland fab joint venture, signaling confidence in internal capacity needs. In early April, Intel appointed Aparna Bawa as executive vice president and chief legal and people officer, part of efforts to strengthen leadership during the turnaround.

Wall Street sentiment has shifted more constructive in recent weeks. Benchmark’s Cody Acree raised his price target, citing partnerships and manufacturing improvements. Some analysts argue that even modest success in winning external foundry customers could justify a higher valuation, especially as global supply chains seek alternatives to concentrated production in Asia.

Still, risks abound. Intel faces intense competition from AMD in CPUs and NVIDIA in AI accelerators. Supply chain constraints in advanced packaging and potential delays in process node yields could pressure margins. The company also carries significant debt from past capital expenditures, though its balance sheet has strengthened.

For long-term investors, Intel’s story centers on whether it can successfully pivot from a primarily product-focused company to a major player in both leading-edge chips and contract manufacturing. Success would position Intel as a key beneficiary of U.S. efforts to reshore critical semiconductor production amid geopolitical tensions with China.

Retail traders have shown strong interest in INTC throughout 2026, with the stock frequently appearing among the most discussed names on social platforms. The recent rally has drawn both momentum buyers and value investors betting on a multi-year recovery.

As trading continued Monday morning, volume remained elevated but not extreme, suggesting the drop was driven more by pre-earnings positioning than any fresh negative catalyst. Some market participants viewed the pullback as a healthy consolidation after the stock’s rapid gains since March.

Intel’s transformation efforts extend beyond hardware. The company has invested heavily in software and AI optimization tools to complement its silicon offerings, aiming to provide end-to-end solutions for data center operators and AI developers. Partnerships with major cloud providers and hyperscalers remain critical to future growth.

Looking ahead to Thursday’s report, management is expected to provide color on 18A customer traction, Panther Lake and Clearwater Forest CPU roadmaps, and the trajectory of foundry losses. Any positive surprises on external design wins or improved guidance could spark another leg higher, while shortfalls might trigger renewed selling pressure.

The semiconductor industry as a whole has enjoyed tailwinds from AI demand, though cyclical risks in traditional PC and server markets persist. Intel’s ability to navigate this dual environment will define its performance through the remainder of 2026 and beyond.

Despite Monday’s decline, Intel shares trade well above levels seen at the start of the year, reflecting renewed faith in the turnaround narrative. Whether that momentum sustains will depend heavily on execution in the coming quarters and the company’s capacity to deliver on ambitious technology and commercial goals.

As one of America’s iconic technology names, Intel remains central to national discussions about semiconductor independence and innovation leadership. Monday’s modest retreat to $65.91 served as a reminder that even strong rallies can pause ahead of key catalysts, particularly when expectations run high.

Investors will now turn their full attention to the April 23 earnings release and conference call for fresh insight into whether Intel’s foundational changes are taking hold or if more challenges lie ahead in its quest to reclaim a leading role in the global chip industry.

Out of the total overseas mobilisation in February, $4.20 billion was raised through the automatic route for which no prior approval is required either from the government or the central bank.

The balance $400 million was raised by Piramal Finance using the approval route, the RBI said.

Over 100 companies raised ECB through the automatic route in February, the data showed.

Among these companies are Tata Power Renewable Energy ($550 million), Manappuram Finance ($500 million), Renew Vyoman Power (454 million), IIFL Home Finance ($300 million), Serentica Renewable India (270 million), BMW India Financial Services ($237 million) and Tata Capital ($150 million).

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The biggest ECB in February was done by a renewable energy-focused Telangana-based company, ABC Cleantech, which mobilised 595 million for about seven years.