Apple has ramped up its secretive CEO succession planning, preparing for the possibility that Tim Cook could exit as early as next year, according to a report.<\/p>\n
Board members and senior executives have accelerated preparations in recent months as Cook, who turned 65 this month, weighs the end of a 14-year run that began after the death of co-founder Steve Jobs in 2011, the Financial Times reported.<\/a><\/p>\n The effort has intensified to the point where an announcement could come sometime early next year \u2014 with hardware engineering chief John Ternus emerging as the leading contender, according to the report, which cited unnamed sources.<\/p>\n Apple has ramped up its secretive CEO succession planning, preparing for the possibility that Tim Cook could exit as early as next year, according to a report. REUTERS<\/p>\n Apple finds itself at a crossroads as it searches for growth beyond the iPhone. The Vision Pro headset fell short of sales targets, with projections cut in half, and the company has pushed back its AI-powered Siri to 2026 as rivals like Microsoft and Google accelerate their artificial intelligence efforts.<\/p>\n Ternus, 50, joined Apple\u2019s product design team<\/a> in 2001 and rose steadily through senior roles in the company\u2019s hardware division. He eventually became a vice president in 2013, taking charge of hardware engineering several years later. In 2021, he joined the company\u2019s executive team.<\/p>\n Ternus, a former champion swimmer, reigns over a portfolio that includes the iPhone, iPad, Mac and AirPods. He also played a central role in the high-stakes shift from Intel processors to the company\u2019s in-house Apple silicon chips.<\/p>\n In recent years, Ternus has also become a familiar presence at major launch events. Ternus has been described as an executive who is \u201ccharismatic and well-regarded by Apple loyalists\u201d and who is trusted by Cook, who has granted Ternus more responsibilities, according to Bloomberg News.<\/a><\/p>\n While Ternus is viewed by many as the favorite, no decision has been made, according to the FT.<\/p>\n Dan Ives, head of technology research at Wedbush Securities, sounded skeptical that Cook would step down anytime within the next two years.<\/p>\n John Ternus, who heads Apple\u2019s hardware engineering unit, has reportedly emerged as the favorite to succeed Cook. REUTERS<\/p>\n \u201cI don\u2019t see Cook leaving his CEO perch\u2026 til at least\u2026 2027? And potentially later,\u201d Ives told The Post.<\/p>\n Ives, who called the suggestion in the FT report of a change at the top a \u201chead-scratcher,\u201d said it\u2019s likely Cook stays for the foreseeable future \u201cgiven our view that the AI strategy is front and center for him to build\u2026and he\u2019s not gonna hand the keys to the castle without the AI strategy fully in motion.\u201d<\/p>\n If Ternus does ascend to the top role, he will have significant shoes to fill.<\/a><\/p>\n \t\t\t\t\t\t\tStart your day with all you need to know\t\t\t\t\t\t<\/p>\n \n\t\t\t\t\t\t\tMorning Report delivers the latest news, videos, photos and more.\t\t\t\t\t\t<\/p>\n \t\t\t\t\t\tThanks for signing up!\n\t\t\t\t<\/p>\n Under Cook, Apple\u2019s market capitalization exploded tenfold<\/a> \u2014 from about $350 billion in 2011 to $4 trillion today.<\/p>\n The company became the first publicly traded US firm<\/a> to be valued at $1 trillion in 2018, and it crossed the $2 trillion mark just two years later.<\/a><\/p>\n While Jobs was considered a visionary who focused on innovation and design, Cook, who was his operations chief<\/a>, proved to be a master of efficiency and supply chain operations \u2014 allowing Apple to scale its global empire and maintain its dominance.<\/p>\n Since Cook took over as CEO in 2011, Apple has grown tenfold in its market capitalization. AFP via Getty Images<\/p>\n Cook has also been credited for the successful rollout of accessory products such as Apple Watch in 2015 and AirPods in 2016. <\/p>\n He also engineered the company\u2019s massive and highly profitable pivot to services, such as the App Store, Apple Music, iCloud and the Apple TV+ streaming service.<\/p>\n The services division grew from just under $3 billion in fiscal 2011 to more than $96 billion in 2024, providing a steady revenue stream to offset slowing iPhone growth.<\/p>\n