John Ternus Becomes Apple's CEO on Sept. 1. Here's What History Says the First Year Does to the Stock.
Four planned megacap handoffs have a complete first year on record. The worst lost 38%. The best gained 76%.
Overview
On Sept. 1, Apple (NASDAQ:AAPL) gets its first new CEO in 15 years. John Ternus, the company's head of hardware engineering and a 25-year Apple veteran, takes over from Tim Cook, who becomes executive chairman of the board.
Apple announced the plan in April, and the board approved it unanimously. It is a planned handoff to someone from inside the company, just as large tech firms typically do.
Details
The stock, meanwhile, enters the change near record territory. Apple's market cap approaches $4.6 trillion as of this writing, over 30% above where it was a year ago, and shares sit about 9% off the all-time high they set this summer.
Source
Originally published at www.fool.com.