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Phil Schiller in rimless glasses and a navy polo shirt, standing in a crowd at Apple's 2012 developer conference
Apple·

Phil Schiller stepped down from the App Store and Apple's events as John Ternus took over

Phil Schiller has stopped running Apple's App Store and product launches. Eddy Cue takes the store back while the EU and DOJ fights continue.

John Ternus, Apple's incoming CEO, photographed at Apple Park.
Apple·

Apple dropped its 7-year 'net cash neutral' policy. Ternus is freeing up the balance sheet for AI.

Mark Gurman's May 3 Power On reads Apple's quiet capital-allocation shift as cover for John Ternus to spend more on AI infrastructure and acquisitions, less on buybacks.

Apple logo from the Apple Newsroom press release for Q2 2026 second-quarter results
Apple·

Apple booked $111.2B in Q2 with Ternus on the call. Cook warned about RAMageddon.

Apple posted record Q2 revenue of $111.2B (up 17%). John Ternus joined his first earnings call as named CEO. Cook warned AI memory costs will hit Apple's June quarter.

Tim Cook and John Ternus on stage at Apple Park.
Apple·

Tim Cook is stepping down. John Ternus is Apple's next CEO, effective September 1.

Apple confirmed John Ternus will become CEO on September 1, 2026. Tim Cook moves to executive chairman after 15 years running the company.