Apple Intensifies Succession Planning, Tim Cook Could Step Down as CEO as Early as Next Year [Report]

Apple is accelerating its succession planning for CEO Tim Cook, with the longtime leader potentially stepping down as early as next year, according to a new report from the Financial Times. The company's board has reportedly intensified preparations for a handover after Cook's more than 14-year tenure at the helm.

The company's senior vice-president of hardware engineering, John Ternus, is reportedly viewed as the most likely successor, though people familiar with the discussions say no final decision has been made. Ternus has been increasingly positioned as the leading contender to eventually take the top job.

An announcement is not expected before Apple's next earnings report in late January, which will cover the critical holiday sales period. The report suggests a reveal early next year would give a new leadership team time to settle in before the company's annual developer conference in June and the iPhone launch in September, although the timing could still change.


Cook, who turned 65 this month, has led Apple since taking over from co-founder Steve Jobs in 2011. During his tenure, the company's market capitalization has grown from about $350 billion to $4 trillion. People close to Apple say the long-planned transition is not related to the company's current performance.

The move comes amid other recent high-profile changes at the top of the company. Longtime Chief Operating Officer Jeff Williams, once seen as a potential successor, announced his retirement in July.

Cook has previously stated his preference for an internal candidate to be his replacement. In a podcast interview in November 2023, he said, "I love it there and I can't envision my life without being there so I'll be there a while." Apple declined to comment on the report.

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