John Ternus becomes Apple’s new CEO

LOS ANGELES (CBS, KYMA) - Apple has a new CEO for the first time in 15 years as Tim Cook has stepped aside to let John Ternus take over.

Under Cook's watch, Apple became a more than $4 trillion company, but big challenges are ahead with artificial intelligence (AI).

It's day one on the job for the new face of Apple: 51-year-old mechanical engineer turned CEO John Ternus.

Until now, the 25-year Apple veteran has been the Senior Vice President of Hardware Engineering, working with the late co-founder Steve Jobs and newly former CEO Tim Cook.

"It's such an incredible opportunity and I'm so lucky to have Tim as a mentor," Ternus said.

Ternus has his work cut out for him. In Cook's 15 years, he grew the company's value from $350 billion to a staggering $4.6 trillion, pioneering products like the Apple Watch, AirPods and Apple TV.

Now, Ternus' challenge will be leading Apple into the era of AI, an uphill battle as competitors like Anthropic, Google, and OpenAI already are leading the way.

Consumers are also facing new, higher prices on some apple products. The company says those hikes are due to a global memory chip shortage, impacting chips used in devices like Macs and iPads.

Analysts predict iPhone prices could soon be next.

As for Cook's future, he spoke with CBS News exclusively last month, with just weeks left on the job.

"I hope that people say I was a good and decent man, and if they say that at the end of the day, I feel like I have achieved something," Cook expressed.