Apple named hardware chief John Ternus as the iPhone maker’s next leader, with Chief Executive Officer Tim Cook shifting to the role of executive chairman.

Ternus, 50, will become CEO on Sept. 1, the company said in a statement Monday. The Apple veteran was head of hardware engineering since 2021 and has spent 25 years focused on product development at the iPhone maker. Bloomberg News previously reported that Ternus was Cook’s heir apparent.

Ternus’s hardware engineering division will be taken over by longtime deputy Tom Marieb, according to a person with knowledge of the matter. He will report to newly named Chief Hardware Officer Johny Srouji. In that role, Srouji is gaining oversight of a newly combined hardware engineering and hardware technologies group.

For instant reaction and analysis, Bloomberg Businessweek Daily hosts Carol Massar and Tim Stenovec speak with:

• Bloomberg News Senior Executive Editor for Global Technology Tom Giles
• Bloomberg Intelligence Global Tech Research Head Mandeep Singh

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FDA Commissioner Dr. Marty Makary discusses President Trump's Executive Order aimed at faster research and access to psychedelics, citing promising research and calling this an 'historic moment.' He talks with Romaine Bostick and Katie Greifeld on "The Close."

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Ian Bremmer, Eurasia Group president and founder, discusses the recent US military blockade in the Strait of Hormuz, where 27 vessels have been directed to turn back. This move aims to increase economic pressure on Iran, although Bremmer notes that Iran currently benefits from higher oil prices and had previously seen a suspension of US oil sanctions. He speaks on "Bloomberg Open Interest."

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Francisco Blanch, head of commodities and derivatives research at Merrill Lynch, discusses the post-conflict issues facing the global oil market, the availability of jet fuel, and the potential timeframe for restoring oil flows once the war in Iran comes to an end.

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Blue Origin Chief Executive Officer Dave Limp would like to launch eight to 12 flights this year, he said to ED Ludlow in a Bloomberg Television interview ahead of the launch their new Glenn rocket. “We have plenty of hardware to do that,” he said, noting the unprecedented demand for launches.

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Former Chairman of the Securities and Exchange Commission Gary Gensler joins Bloomberg This Weekend to talk with Christina Ruffini and David Gura about the CFTC's recent investigations into at least two instances over a period of about two weeks where trading volumes within the oil futures market surged shortly before major announcements from President Trump regarding policy pivots related to the war in Iran.

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Jill Wyant, President and CEO of Madison Air, joins to discuss the company’s IPO plans and the growing opportunity in data center infrastructure, including the buildout of Terafabs. She speaks with Ed Ludlow on "Bloomberg Tech."

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Rick Rieder, Global Fixed Income CIO and Head of the Global Allocation Team at BlackRock, joins "Bloomberg Surveillance TV" and says he sees equities being driven by a combination of “amazing” technicals and “pretty powerful” earnings.

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