Whenever there’s a change in the CEO position, there’s the potential for big changes in how a company is run. And that can put investors on edge, especially for a business that’s been doing well.

Apple (AAPL 1.27%) is one of the most valuable companies in the world, with a market cap of around $4 trillion. Despite its already large value, the stock has more than doubled in just the past five years, even though it hasn’t exactly been leading the tech sector with cutting-edge innovations.

CEO Tim Cook has done a fantastic job of growing the business. Recently, however, he announced he would be stepping down. Is this bad news for the stock?

Why a change in leadership may be what the business needs right now

Cook has done a great job of making Apple’s business more valuable in recent years and has expanded its ecosystem to include more types of products and services. But there’s one area where investors have been critical of the company’s performance: artificial intelligence (AI). Apple has been lagging behind tech giants in rolling out AI features for its devices.

While that hasn’t necessarily been hurting the stock, given that it’s still up 30% in the past 12 months, it may impact its ability to rise in the long term, and the premium investors are willing to pay for the tech stock. A price-to-earnings multiple of 34 is a bit high for a company like Apple, which hasn’t generated significant growth in recent years.

New CEO John Ternus, who leads the company’s hardware division, may be more successful in charting out a strategy for AI, which could result in stronger revenue growth for the business in the future. While it’s far too early to tell what impact the move will have on the company’s AI strategy, a change in direction at this stage of Apple’s business may prove to be a blessing in disguise.

Today’s Change

(-1.27%) $-3.45

Current Price

$267.61

Is Apple stock worth buying today?

There’s some near-term uncertainty around Apple given its change in leadership, but it may prove to be a positive development for investors in the long run. When Steve Jobs died in 2011, I was skeptical about whether Apple would still be a good stock to own without its visionary leader. But under Cook, Apple has thrived.

Today, the business is in solid shape, with a loyal customer base. Even with an underwhelming growth rate over the past few years, the stock has performed fairly well. And if its growth rate improves, that could lead to much more upside.

Apple is a solid blue chip stock to hold on to for the long haul. While its returns may be limited in the short term due to its high valuation, it is one of the safer stocks to own in tech.