Apple is accelerating its succession planning as the company anticipates a transition in leadership following the potential departure of Tim Cook as chief executive. Sources familiar with internal discussions have indicated to the Financial Times that both the board and senior executives are intensifying preparations for Cook to step down after leading the technology giant for over 14 years.
John Ternus, who serves as Apple’s senior vice-president of hardware engineering, has emerged as a frontrunner for the CEO position, though no final decisions have been made. Insiders emphasize that this planned transition is not prompted by the company’s current market performance, especially with expectations for a strong sales period for the iPhone in the upcoming months.
The timeline for announcing Cook’s successor may not materialize until after the next earnings report, scheduled for late January. This report is crucial as it will capture the results from the holiday sales period. An announcement early in the year could allow the new leadership to acclimate ahead of key events such as the annual keynote presentations in June and the iPhone launch in September.
Tim Cook, who turned 65 this month, has been at the helm since 2011, succeeding co-founder Steve Jobs shortly before his passing. Under Cook’s leadership, Apple’s market capitalization has witnessed remarkable growth, soaring from approximately $350 billion in 2011 to a staggering $4 trillion today. Despite strong financial results recently pushing Apple’s shares close to an all-time high, the company’s stock has climbed about 12% this year, lagging behind competitors like Alphabet, Nvidia, and Microsoft, which have seen substantial gains driven by burgeoning interest in artificial intelligence.
This year has seen significant changes within Apple’s executive team. Notable departures include longtime CFO Luca Maestri, who stepped back at the start of the year, and COO Jeff Williams, who announced his exit in July. If Ternus is selected, this would mark a return of a hardware-focused executive to lead the company, especially as Apple faces challenges in diversifying its product offerings and keeping pace with AI advancements among its peers.
Cook has expressed a preference for an internal candidate to be named as his successor, asserting that Apple has established comprehensive succession plans. In a recent podcast appearance, he remarked on his deep commitment to the company, saying, “I love it there and I can’t envision my life without being there so I’ll be there a while.”
