Crypto News: Ternus takes charge

Hey everyone, it’s Mark. When John Ternus becomes Apple’s CEO this week, one of his biggest challenges will be revamping a management team that has steered its corporate culture for decades. Also: The latest on the new Apple Watches, and a look at how the company tested a Pencil for the coming foldable iPhone.

Last week in Power On: Apple’s foldable iPhone will bring back some of the company’s magic.

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The Starters

Tim Cook, Apple’s outgoing CEO; Eddy Cue, head of services; and John Ternus, the new chief. Photographer: David Paul Morris/Bloomberg — Tim Cook, Apple’s outgoing CEO; Eddy Cue, head of services; and John Ternus, the new chief.

When Apple Inc. Chief Executive Officer Tim Cook took the reins from Steve Jobs 15 years ago, he inherited a management team that was both fiercely loyal to Jobs and mostly still in the middle of their careers.

Questions swirled around Cook at the time, largely because he was an operations guy taking over for a product visionary. But he was able to navigate his early tenure while retaining the vast majority of the company’s top leaders. Bob Mansfield, the head of hardware engineering, tried to retire in 2012 but was persuaded to stay on and remained at the company in various capacities until around 2020.

Cook also was able to keep Jony Ive at the company in a full-time role until...