Despite a significant number of executive changes at Apple (AAPL) recently, Evercore told investors to “stay calm” as the departures don’t signify a crisis at the tech giant.
“While the clustering of announcements naturally raises questions, the underlying pattern looks more like a controlled generational transition and strategic re-tooling than a crisis,” Evercore ISI analyst Amit Daryanani said in a note to clients.
Daryanani, who has an Outperform rating and $325 price target on Apple, said some of the changes — particularly the departure of Alan Dye to Meta (META) — could actually be a “net positive” for Apple. This comes as Apple “resets” its AI strategy and the changes will allow for a new generation of leaders to take on more responsibility, Daryanani explained.
The research note comes on the same day that Apple’s senior vice president of Hardware Technologies, Johny Srouji, squashed the notion that he too may look to depart the Cupertino, Calif.-based Apple.
“I know you’ve been reading all kind of rumors and speculations about my future at Apple, and I feel that you need to hear from me directly,” Srouji wrote in a memo to his division, according to Bloomberg. “I am proud of the amazing Technologies we all build across Displays, Cameras, Sensors, Silicon, Batteries, and a very wide set of technologies, across all of Apple Products. Together we enable the best products in the world. I love my team, and I love my job at Apple, and I don’t plan on leaving anytime soon.”
Bloomberg had previously reported that Srouji could leave Apple.
Even with Srouji staying on at Apple, the company has in fact made several changes to its executive team. Kate Adams, who had been Apple’s general counsel since 2017, will be replaced by Jennifer Newstead, effective March 1. Lisa Jackson, who was Apple’s vice president for Environment, Policy, and Social Initiatives, will retire in late January 2026.
Apple also said John Giannandrea, senior vice president for Machine Learning and AI Strategy, will step down from his position and will serve as an advisor to the company before retiring in the spring of 2026. He will be replaced by artificial intelligence researcher Amar Subramanya, who will join Apple from Microsoft (MSFT).
In July, Apple Chief Operating Officer Jeff Williams retired and was replaced by long-time Apple executive Sabih Khan. In 2024, Luca Maestri stepped down from his role as Chief Financial Officer, but has stayed on with the company to lead its corporate services teams.