Tim Cook could be replaced as Apple‘s CEO as early as next year, according to a report on the CEO succession plan.
The Financial Times reported that in previous months, board members and senior executives have intensified their efforts to replace Cook.
The report, which cited anonymous sources, said Hardware Engineering Chief John Ternus is the favorite to replace Cook.
Cook, who is approaching retirement, took over as leader of Apple 14 years ago after the death of Apple’s co-founder and CEO, Steve Jobs.
Ternus has risen through the ranks of Apple’s senior-level roles since joining the company in 2001. The engineering expert could bring significant expertise and experience to the table, given that he has overseen a portfolio that includes the iPhone, iPad, Mac, and AirPods.
Ternus also played a vital role in the company’s transition from Intel processors to its in-house Apple silicon chips, which was seen as a risky yet rewarding move.
Under Cook’s leadership, Apple’s value expanded from $350 billion in 2011 to $4 trillion today. In 2018, Apple became the first publicly traded company to be valued at at least $1 trillion, a year before it crossed the $2 trillion threshold.
Cook is credited with taking the company in a different direction than Jobs, who focused more on design and innovation.
Previously serving as Jobs’s operations chief, Cook enabled Apple to expand its global dominance through his supply chain knowledge.
Cook has also unveiled popular accessory products, including the Apple Watch in 2015 and AirPods a year later. He also pivoted the company to enhance its existing operations, such as the App Store, Apple Music, iCloud, and Apple TV+ streaming service.
Under Cook, Apple’s services division grew from less than $3 billion in fiscal 2011 to more than $96 billion in 2024, providing the company with a steady revenue stream that offset the slow growth of iPhone products.
