What happened
Tim Cook has stepped down as CEO this week, handing leadership of Apple to John Ternus, the company's former hardware chief.
In his first internal memo, Ternus promised a "huge launch next week," putting Apple's upcoming iPhone event squarely on his agenda before he has fully settled into the role.
Cook is not leaving Apple entirely: he will remain on as Executive Chairman, focusing on policy-related work.
Why it matters
The transition marks a rare leadership shift at one of the world's most influential tech companies, and Ternus's first major test will be managing a flagship product launch almost immediately.
Having Cook stay on as Executive Chairman suggests continuity at the board level, even as operational control moves to a new CEO with a hardware-centric background.
The timing of the promised launch means Ternus's earliest decisions as CEO will be highly visible, setting the tone for his tenure.
Key facts
John Ternus was previously Apple's hardware chief.
Tim Cook stepped down as CEO this week.
Ternus's first memo promised a "huge launch next week."
Tim Cook will remain at Apple as Executive Chairman.
What to watch next
Whether the "huge launch" Ternus teased lives up to expectations and how he handles the pressure of an iPhone event so early in his tenure.
How the division of responsibilities between Ternus as CEO and Cook as Executive Chairman evolves in practice.
What policy areas Cook chooses to focus on in his new role and how that shapes Apple's public positioning.