Apple’s next CEO faces early test as Wall Street’s worst month begins

Tim Cook took the reins as CEO of Apple (NASDAQ: AAPL) on Aug. 24, 2011, when he replaced Steve Jobs. Since that date, shares of the consumer technology powerhouse have climbed a jaw-dropping 2,240% (as of Aug. 27). The company's market capitalization exploded from $349 billion then to $4.6 trillion today.

On Sept. 1, John Ternus will become the next CEO of Apple. He's stepping into the role after having been senior vice president of hardware engineering since 2021. He has massive shoes to fill.

Apple is welcoming Ternus into the top job right before the stock market typically has its worst month of the year. But don't panic andsell your stake. Instead, stay focused on the long term.

The S&P 500 index (SNPINDEX: ^GSPC) has generated notable wealth for patient and diversified investors over time. Its average annual total return is about 10%. This means a $10,000 starting capital outlay, sitting idle without any further cash infusions, would be worth $174,000 in 30 years. No one will argue with that outcome.

However, the market has never risen in a straight line, and there will be plenty of times when investors won't be enjoying gains. To own stocks, you need…

Original source: https://www.usatoday.com/money/