Apple's current CEO, Tim Cook, will step down at the end of this month, concluding his 15-year tenure. The company's board of directors has approved John Ternus to take over as CEO on September 1st. During Cook's time as CEO, Apple's stock price achieved significant growth; it is estimated that a $10,000 investment in Apple stock when Cook took over as CEO in 2011 would now be worth approximately $241,500, or about $289,500 if dividends were reinvested. Cook also drove the global popularization of the iPhone and successfully built Apple Watch and AirPods into a $36 billion business, while growing the services division from $3 billion to a $120 billion profit center. The main task for the new CEO, Ternus, will be to lead Apple fully into the AI era, focusing on performing as much AI processing as possible on devices, and has already reached a cooperation agreement with Broadcom for custom AI accelerator chips until 2031.