Executive resignation wave is a good opportunity for AI strategy restart, Evercore gives Apple Inc. (AAPL.US) an "outperform" rating.

Although there have been a lot of recent executive changes at Apple Inc. (AAPL.US), Evercore advises investors to "stay calm" as these departures do not necessarily mean that this tech giant is in crisis. In a report to clients, Evercore ISI analyst Amit Daryanani wrote, "While a concentrated announcement naturally raises questions, the pattern behind them looks more like a controlled intergenerational transition and strategic adjustment rather than a crisis." Daryanani gave Apple Inc. an "outperform" rating and set a target price of $325. He pointed out that some recent personnel changes particularly Alan Dye's departure to Meta (META.US) may actually be a "net positive" for Apple Inc. Daryanani further explained that these changes are happening as Apple Inc. is "rebooting" its artificial intelligence strategy, which will empower the new generation of leaders to take on more responsibilities and missions. On the day this research report was released, Apple Inc.'s Senior Vice President of Hardware Technologies, Johny Srouji, personally dispelled various speculations circulating in the market there were reports suggesting that he might also consider leaving the Cupertino-based Apple Inc. According to reports, Srouji wrote in a memo to his department that, "I am aware that there have been various rumors and speculations about my future at Apple Inc., and I believe that you should hear directly from me about this information. I am extremely proud of the amazing technologies we have developed together, spanning across various areas including displays, cameras, sensors, chips, batteries, etc., which are widely used in Apple Inc.'s products. Together, we have created the best products in the world. I love my team and greatly value my job at Apple Inc., and I have no plans to resign in the near future." Even though Srouji is staying, Apple Inc. has indeed made several adjustments to its executive team. Kate Adams, who has been the General Counsel since 2017, will be succeeded by Jennifer Newstead on March 1; Lisa Jackson, Vice President of Environment, Policy, and Social Initiatives, will retire at the end of January 2026. Apple Inc. also announced that John Giannandrea, Senior Vice President of Machine Learning and Artificial Intelligence Strategy, will step down and serve as a company advisor until retiring in the spring of 2026. His position will be taken over by Amar Subramanya, an artificial intelligence researcher from Microsoft Corporation (MSFT.US). In July of this year, Apple Inc.'s Chief Operating Officer Jeff Williams retired and was replaced by Sabih Khan, who has been a long-time Apple Inc. executive. In 2024, Luca Maestri resigned as Chief Financial Officer but remains with the company leading the enterprise services team.