Apple has stepped up secretive succession planning as the company braces for the possibility that CEO Tim Cook could step down as early as next year.
According to the New York Post, a Financial Times report shows board members and senior executives have accelerated preparations in recent months as Cook, who turned 65 this month, contemplates the end of his 14-year tenure following the death of co-founder Steve Jobs in 2011.
The planning is reportedly advanced enough that an announcement could come early next year. Hardware engineering chief John Ternus has emerged as a leading contender to succeed Cook, according to unnamed sources cited by the report.
Ternus, who became a vice president in 2013 and later led hardware engineering, joined Apple’s executive team in 2021. He oversees a portfolio that includes the iPhone, iPad, Mac, and AirPods, and has played a central role in the transition from Intel processors to Apple’s own silicon chips.
A former champion swimmer, Ternus has become a familiar face at major product launches and has been described as “charismatic and well-regarded by Apple loyalists.” Bloomberg News reported that he enjoys Cook’s trust and has been granted increasing responsibilities over the years.
While Ternus is widely viewed as the frontrunner, no final decision has been made, the Financial Times noted. Should he ascend to the role, he will be tasked with following in Cook’s monumental footsteps.
Under Cook, Apple’s market capitalization has grown tenfold, from around $350 billion in 2011 to $4 trillion today. The company became the first publicly traded U.S. firm to reach $1 trillion in 2018 and crossed $2 trillion two years later.
Cook, known for his operational prowess and supply chain mastery, also orchestrated Apple’s pivot to services, including the App Store, Apple Music, iCloud, and Apple TV+. The services division has grown from just under $3 billion in 2011 to more than $96 billion in 2024, helping offset slowing iPhone growth.
Cook has publicly acknowledged the company’s detailed succession plans while emphasizing his desire for a successor from within Apple. “I really want the person to come from within Apple, the next CEO,” he told singer Dua Lipa on a podcast in November 2023.
Despite the preparations, Cook has signaled no rush to leave. “I love it,” he said. “I can’t envision my life without being there so I’ll be there a while.”
Apple’s stock continues to trade near all-time highs, though its 12% gain this year has trailed tech peers such as Microsoft and Nvidia, which have benefited from a surge in AI-related valuations.
