Apple is reportedly stepping up its succession planning efforts as it prepares for the day CEO Tim Cook eventually steps down, according to a report from the Financial Times. After more than 14 years at the helm, discussions about a transition are said to be intensifying, with some sources suggesting a change could happen as soon as next year.
While no final decisions have been made, one name has clearly emerged as the front-runner: John Ternus. As Apple’s current senior vice-president of hardware engineering, Ternus is widely seen as the most likely candidate to take over from Cook. Appointing him would mark a return to a hardware-focused executive leading the iPhone maker, a significant move as Apple works to innovate in new product categories and advance its AI efforts.
According to the Financial Times, “The company is unlikely to name a new CEO before its next earnings report in late January, which covers the critical holiday period.”
Sources familiar with the discussions suggest an announcement early in the year would be strategic. This would give a new leadership team ample time to settle in before Apple’s two biggest annual events: the Worldwide Developers Conference (WWDC) in June and the iPhone launch in September.
Tim Cook, who turned 65 this month, took over the CEO role from co-founder Steve Jobs in 2011. His tenure has been nothing short of transformative for the company’s business. Under his leadership, Apple’s market cap has exploded from around $350 billion in 2011 to a staggering $4 trillion today.
This potential leadership change also comes after other recent high-profile shifts in Apple’s executive team. Chief Financial Officer Luca Maestri stepped back from his role at the beginning of the year, and Chief Operating Officer Jeff Williams announced he was stepping down in July.
Tim Cook himself has previously stated his preference for an internal candidate, noting the company has “very detailed succession plans.” For now, all eyes are on the company’s performance this holiday season and any potential announcements in the new year.
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