Business
Tim Cook steps back as Apple appoints hardware chief as new CEO
Apple, one of the world’s most valuable companies, is getting a new chief executive, marking a new chapter in the story of what has become arguably the most influential company in consumer technology.
The Cupertino, Calif., smartphone maker said Monday that John Ternus, senior vice president of hardware engineering, will become Apple’s chief executive on Sept. 1.
Tim Cook, who has served as chief executive for roughly 15 years, will become executive chairman of the company’s board of directors, the company said. He was long expected to step down soon.
Under Cook’s leadership, Apple’s market capitalization grew to $4 trillion from about $350 billion, according to the company. Its revenue ballooned from $108 billion in fiscal year 2011 to more than $416 billion in fiscal year 2025.
Apple also expanded its business under Cook’s tenure, including its presence in entertainment with Apple TV and Apple Music. People also use other services such as Apple Pay and iCloud to store their photos, videos and other content.
The leadership transition marks a new era for Apple, which turned 50 years old in April. The company has revolutionized technology, selling popular consumer electronics including iPhones and smartwatches.
But the company has lagged behind as its rivals such as OpenAI, Google, Meta and more move quickly to dominate the artificial intelligence race. It has also had to grapple with tariffs and criticism for manufacturing its products in other countries, such as China and India, during President Trump’s second term.
“These will be big shoes to fill and the timing of Cook exiting stage left as CEO could make sense but also creates questions. Apple is making a major transition on its AI strategy, and longtime CEO and legendary Cook leaving now is a surprise,” Dan Ives, an analyst with Wedbush Securities, said in a statement.
In a statement, Cook expressed gratitude for his time leading Apple. The 65-year-old succeeded chief executive and co-founder Steve Jobs in 2011 after he passed away from pancreatic cancer.
“John Ternus has the mind of an engineer, the soul of an innovator, and the heart to lead with integrity and with honor,” Cook said in a statement. “He is a visionary whose contributions to Apple over 25 years are already too numerous to count, and he is without question the right person to lead Apple into the future.”
Ternus was widely expected to be next in line as chief executive.
In a statement, he said he’s worked at Apple for nearly his entire career, including under Jobs. He described Cook, who will work with him during the transition, as his mentor.
“I am humbled to step into this role, and I promise to lead with the values and vision that have come to define this special place for half a century,” Ternus said in a statement.
Ternus has served as Apple’s senior vice president of hardware engineering since 2021, working on new products such as the iPad and AirPods. Before that role, he was on Apple’s product design team in 2001 before becoming vice president of hardware engineering in 2013, according to the company.
“Ternus’s work on Mac has helped the category become more powerful and more popular globally than at any time in its 40-year history,” Apple said in its news release about the transition.
In the fiscal year ending in September, Apple reported revenue of $416 billion and a net income of $112 billion. Worldwide, there are more than 2.5 billion active Apple devices.
Apple’s stock was down less than 1% in early after-hours trading, changing hands at around $271 a share.
Business
Video: Jury Rejects Elon Musk’s Lawsuit Against OpenAI and Microsoft
new video loaded: Jury Rejects Elon Musk’s Lawsuit Against OpenAI and Microsoft
transcript
transcript
Jury Rejects Elon Musk’s Lawsuit Against OpenAI and Microsoft
Elon Musk had accused OpenAI of “stealing a charity” by attaching a commercial company to Open AI, which was founded as a nonprofit. But a jury ruled that the statute of limitations had expired.
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“The evidence that Mr. Musk’s lawsuit was an after-the-fact contrivance by a competitor was overwhelming.” “This reminds me of key moments in this country’s history. The siege of Charleston, the Battle of Bunker Hill, these were major losses for Americans. But who won the war? And this one is not over. And to sum it up, I can sum it up in one word: appeal.”
By Meg Felling
May 18, 2026
Business
Five Guys to close two L.A.-area locations
Five Guys will close two Los Angeles-area locations later this month.
The burger chain announced in a recent state filing that its locations in City of Industry and Whittier will close in late May. An outlet in Merced will also close its doors in late June, and one in Hanford will shut down in early July, according to state court filings.
The burger giant is the latest fast-food chain to shutter locations as the industry struggles with rising labor and real estate costs in the state.
The company cited “financial hardship” as a reason for the closures, according to a filing.
Employers are legally required to submit a Worker Adjustment and Retraining Notification, or WARN notice, to alert employers, state and local officials at least 60 days before major layoffs. The initial notices were submitted in late April and early May.
The chain had steady growth in 2024, but seems to have stumbled in California. It opened 37 new storefronts that year, according to the company’s franchise disclosure document. Yet California stores accounted for eight of the 14 locations that closed that year.
The closures will result in 55 jobs lost across the four locations, according to the WARN notice.
A spokesperson for Five Guys did not immediately respond to a request for comment.
Fast food chains have struggled against rising operational costs and increasingly cost-conscious customers.
California’s economic landscape has further complicated business in the state. While aerospace and defense companies have continued to flock to the state, companies in other sectors, including food, have started to bail out.
Five Guys ranked 42 in QSR Magazine’s top 50 U.S. restaurants list for 2026 and the number of locations in the country rose by 2% in 2025.
The chain got its start around 40 years ago in Virginia and now operates over 1,900 locations, according to its website.
The restaurant’s website lists over 85 locations in California, including at least 15 storefronts in the Los Angeles area.
Business
Jury rejects Elon Musk’s lawsuit, sides with OpenAI in bitter feud over AI future
A federal jury sided with OpenAI and its top executives on Monday in a feud with Elon Musk, who accused them of betraying a shared vision for it to guide artificial intelligence’s development as a nonprofit.
The nine-person jury unanimously found that Musk waited too long to file his lawsuit and missed the deadline for the statute of limitations.
Musk, the world’s richest man, was a co-founder of OpenAI, the company that launched in 2015 and went on to create ChatGPT. After investing $38 million in its first years, Musk accused OpenAI CEO Sam Altman and his top deputy of shifting into a moneymaking mode behind his back.
The jury served in an advisory role, but Judge Yvonne Gonzalez Rogers accepted the verdict Monday as the court’s own and dismissed Musk’s claims.
The trial that began on April 27 in Oakland shed light on the bitter falling-out between the two Silicon Valley titans and the origins of OpenAI, now a company valued at $852 billion and poised to become one of the largest initial public offerings in history.
The high-profile high-stakes showdown between two of the most powerful companies and leaders in technology was billed as a battle that could change the trajectory of AI.
There were two weeks of testimony from the dueling entrepreneurs and other key players in OpenAI’s history, providing a rare inside glimpse into the company, which evolved from a startup to one of the world’s most influential companies.
Musk had fallen out with his fellow co-founders, then, after OpenAI became arguably the most important company in AI, he decided he was not happy with how the trailblazer was managed after he left.
Musk claimed Altman, the startup’s chief executive officer, and OpenAI President Greg Brockman “stole a charity” by exploiting his early support for an altruistic research project so that they could later get rich by turning into a regular for-profit company.
OpenAI and its leaders said Musk was suing them to gain a competitive advantage for his own startup, xAI.
Musk was seeking more than $100 billion in damages — to be awarded to OpenAI’s nonprofit arm instead of to himself — as well as the removal of Altman and Brockman.
The case was seen as an existential threat to OpenAI. If the decision had gone the other way, it would have sparked a shakeup that would have destabilized the company just as it is working to ensure the U.S. takes the lead in AI and prepares for a public offering with a valuation approaching $1 trillion.
Associated Press and Bloomberg contributed to this article.
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