Apple held a party honoring departing CEO Tim Cook on August 23, according to The Information (a subscription is required to read the article).

The report says around 200 people celebrated Cook at the Caffé Macs cafeteria on the Apple campus. The band OneRepublic performed. Several speakers shared tributes to Cook, including the late Steve Jobs’ wife Laurene Powell Jobs, former Apple COO Jeff Williams, Apple services chief Eddy Cue, and incoming CEO John Ternus.

Insiders at Apple told The Information that continuity is the focus of the transition from Cook to Ternus, with few things to change. Cook’s executive assistant will stay on and work for Ternus.

Ternus will replace Tim Cook in that position on September 1. Cook will become executive chairman of Apple’s Board of Directors.

The Bank of America (BoA) is predicting big changes after John Ternus becomes Apple’s CEO, reports The Street. From the report: Cook’s Apple has everything to do with extraordinary execution at an immense sale. For color, Apple created $32 million in value for every hour over the past 15 years under Cook’s tenure. Moreover, the iPhone maker became a cash-flow-generating machine, able to manage a remarkably complex product ecosystem. 

Apple’s free cash flow has more than quadrupled under Cook, rising from $33 billion in fiscal 2011 to nearly $137 billion on a trailing-12-month basis. 

BofA expects much of that juggernaut of a machine to remain firmly intact under Ternus. The potential break with the Cook era is mostly in risk appetite.

The bank underscored Apple’s move away from its net-cash-neutral objective as an early signal that its management might be more willing to deploy capital. That would translate into heavier R&D spending, more CapEx, and potentially bigger acquisitions, areas that weren’t major features of Cook’s strategy.

Under Ternus, BofA sees the possibility of Apple moving much more quickly into new categories, including AI glasses, camera-equipped AirPods, smart rings, home automation, personal assistants, and robotics.

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