- In today’s CEO Daily: Diane Brady explains how Apple’s handoff fits into this year’s extraordinary CEO turnover.
- The big leadership story: Kevin Warsh on the hot seat.
- The markets: Up globally amid optimism for U.S.-Iran peace talks.
- Plus: All the news and watercooler chat from Fortune.
Good morning. 2026 is turning out to be one of the most seismic years for CEO transitions: Greg Abel replaced Warren Buffett as CEO of Berkshire Hathaway, Josh D’Amaro replaced Bob Iger at Disney, John Furner replaced Doug McMillon at Walmart, and now John Ternus is replacing Tim Cook at Apple. We did spotlight Ternus as a potential successor back in October. And Cook is 65, an age at which many people retire. (Buffett, Iger and McMillon were 95, 75 and 59, respectively.) But Apple’s announcement comes amid a slew of other CEO transitions at Adobe, Coca-Cola, Dow, BP and elsewhere. What’s going on?
The Speed of AI: McMillon cited the urgency around AI as a major catalyst in stepping down, saying he didn’t think he couldn’t finish the transformation he started in time. James Quincey at Coca-Cola essentially said the same thing in handing the reins to COO Henrique Braun. This is a sprint, not a marathon, and requires an athlete at the top of their game. As leadership consultant Stephen Miles told me: “Every company has to run a faster 800 each year and you need someone fit for the 800 who has the longevity to see this through to the other side.”
Keep your legacy intact: Nothing destroys a CEO’s legacy like lingering too long in the job. That may be why Adobe CEO Shantanu Narayen felt compelled to announce he was stepping down after 18 years, before a successor has been found. Tim Cook will leave behind a staggering legacy at Apple, growing a company worth about $300 billion when Steve Jobs died in 2011 to one that’s worth $4 trillion today. But Apple has also lagged on AI, raising questions about whether Cook should lead from here. (It no doubt helps that Ternus is an engineer.)
Transformation is not a turnaround: For all of the tumult in the top ranks, it’s interesting to note that the reins are largely being handed to COOs who understand the company. In a turnaround, boards often go outside to find a new leader who will change the culture, the team, and pretty much whatever else it takes to get results. In a transformation, you want to accelerate change without destroying the house. For the most part, incumbent CEOs know where they want to go. They might even have strong ideas on how to get there. But they recognize the old paradigms of business, from how they organize talent to how they reach customers, is changing at a speed that requires a new leader at the helm.
Contact CEO Daily via Diane Brady at diane.brady@fortune.com
