John Ternus became the eighth chief executive in Apple's 50-year history on Tuesday, and he marked it with a memo just four short paragraphs long. He opened by thanking staff for their "warm wishes" and then turned to Tim Cook, who moved into the newly created role of executive chairman the same day.

Ternus praised Cook for leading "with his values and with such decency and humanity" over nearly 15 years as CEO. Then came the line that outlets from........

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