Morning Business Report: Apple leadership change, labor resignation and market moves

A major leadership shift is coming to Apple, as longtime CEO Tim Cook prepares to step down on September 1.

(LILAMAX)-  The 65-year-old will transition into the role of executive chairman, while John Ternus, currently head of hardware, will take over as CEO.

Cook has led Apple through a period of massive growth, with the company’s market value rising from about $350 billion in 2011 to roughly $4 trillion today. In his new role, Cook is expected to focus on global policy engagement, an area where he has been highly active during his tenure.

In Washington, Lori Chavez-DeRemer is stepping down from her position in the Trump administration. Reports say her resignation comes amid an internal investigation into alleged misuse of agency resources for personal travel.

Meanwhile, the U.S. Customs and Border Protection has launched a new tariff refund portal after the U.S. Supreme Court ruled certain tariffs illegal earlier this year.

More than $160 billion in tariffs were paid, though analysts and trade lawyers warn refunds may take time to process.

On Wall Street, oil prices rose while stocks pulled back slightly as investors await clarity on the situation with Iran.

In the healthcare sector, Eli Lilly announced plans to acquire Kelonia Therapeutics in a deal worth up to $7 billion. The company is developing in vivo CAR-T technology, which aims to reprogram a patient’s immune cells to fight cancer.

In the restaurant industry, Red Lobster is bringing back its popular Endless Shrimp promotion—this time with limitations.

The $24.99 deal will be available for dine-in only and for a limited time. The move follows significant losses tied to the previous version of the promotion, which contributed to the company filing for bankruptcy.