Apple hardware exec to succeed Tim Cook as CEO

This is an edition of the What’s News newsletter, which helps you catch up on the headlines and understand the news, free in your inbox daily. If you’re not subscribed, sign up here.

1. Apple hardware executive John Ternus will be the company’s new CEO, replacing Tim Cook.

The appointment will take effect Sept. 1, and Cook will become executive chairman, the company said. Ternus, who has worked at the tech giant for 25 years, was widely seen as the leading candidate to succeed Cook. Ternus worked on the iPad, the Mac and AirPods before taking over responsibility for all of Apple’s products, including its most important, the iPhone.

2. Fed chair nominee Kevin Warsh’s finances will likely play a key role in tomorrow’s confirmation hearing.

A staff memo circulated by Senate Banking Committee Democrats and reviewed by WSJ shows they might focus on the Fed nominee’s opaque investments as they try to rally opposition. Their position: The public can’t tell whether his investments include banks the Fed regulates. The Office of Government Ethics conditionally certified Warsh’s preconfirmation filing, saying he’ll be in compliance after he divests certain holdings, which Warsh has agreed to do if confirmed. Representatives for Warsh didn’t respond to a request for comment.

3. President Trump is unlikely to extend a cease-fire with Iran that is set to expire on Wednesday evening, according to a White House official.

While Tehran hasn’t publicly confirmed it would send representatives to peace talks in Pakistan this week, it told regional mediators that it would, people familiar with the matter said. Trump has warned that without a deal, the U.S. would attack Iranian infrastructure sites. WSJ’s live blog keeps you on top of this developing story. U.S. stocks slipped and oil prices rose amid the fresh tensions. Separately, the Iranian cargo ship that U.S. forces seized in the Gulf of Oman this weekend is part of a fleet that frequented China, one of Tehran’s most important backers.

4. The Justice Department’s antitrust division is investigating whether large meatpackers that supply U.S. consumers engaged in criminal anticompetitive conduct, people familiar with the matter said.

Trump called for a probe of the companies in November, accusing them of manipulating prices for cattle they buy from ranchers and driving up prices for consumers. A nationwide cattle shortage and continued strong demand have driven beef prices to record highs; they’re expected to stay high for at least the next few years. Industry officials have defended beef companies’ practices and said they’re hurting from rising prices, too. From turf to surf: Red Lobster’s Endless Shrimp is back—with a few strings attached.

5. Kash Patel filed a defamation lawsuit against the Atlantic and one of its writers, alleging an article about his drinking and overall conduct was malicious and factually inaccurate.

The story said the FBI director’s drinking has become a source of concern among government officials and cited sources worried that Patel’s behavior has become a threat to public safety. The suit said the Atlantic was warned of false claims in the piece ahead of time and has “editorial animus” toward Patel. The publication said it stands by its reporting and called the lawsuit “meritless.” Patel is seeking $250 million in damages.

The Number

The increase in new-graduate hires that employers expect to make this spring from a year ago, according to a National Association of Colleges and Employers survey. That’s a turnaround from their much grimmer forecasts last fall. College grads are finally catching a break in this job market.

Quoted

Catch Up

Labor Secretary Resigns After Tumultuous Tenure (Read)Britain’s Starmer Admits Misleading Parliament Over Scandal Tied to Epstein (Read)An Hour of Chaos: How the Louisiana Shooting Unfolded (Read)The Cancer Victims Who Could Sink Bayer’s Roundup Settlement (Read)Chinese Robot Beats Human Best Time in Half-Marathon, After a Stumble (Read)

This Week in History

April 24, 1913

The Woolworth Building opened in New York City; it was the tallest building in the world at the time.

Frank Winfield Woolworth, founder of the eponymous discount-store empire, commissioned the office building, which could become known as the Cathedral of Commerce. Architect Cass Gilbert designed the 55-story Gothic-tyle tower, which cost $13.5 million. It would retain its title as the world’s tallest building until the 1930s when the Empire State and Chrysler Buildings were constructed. The Woolworth Building was named a National Historic Landmark in 1966 and a New York City landmark in 1983.

Take a Break

A $150 train to a $2,000 seat? The World Cup feels like a competition to soak soccer fans, writes columnist Jason Gay, accusing NJ Transit of following FIFA’s ransacking lead. The ride under the Hudson River from Manhattan to MetLife Stadium typically costs about $13.

Beyond the Newsroom

WSJ | Buy Side: Some business-loan providers can provide you with funding within 24 hours as long as you meet the criteria and submit your documentation quickly.

Today’s newsletter was curated by Zlati Meyer in collaboration with Liz Webber in New York. Follow Zlati on X at @Zlatimeyer.

Sign up for WSJ newsletters on markets, tech, careers and more.