Apple intensifies CEO succession plans; hardware chief tipped as leading candidate

Apple is reportedly accelerating its long-term efforts to establish a definitive succession plan for chief executive Tim Cook. The 65-year-old, who has successfully steered the company since taking over from co-founder Steve Jobs in 2011, may look to step down as early as next year, according to recent reports in The Financial Times.

The newspaper suggests that both the company's board and its senior management have recently devoted significant attention to the transition process, aiming to ensure a smooth handover of leadership.

The individual widely regarded as the most probable successor is John Ternus, Apple’s senior vice president of hardware engineering. Ternus, 50, currently oversees the development of all major products, including the iPhone, Mac, and iPad. His promotion to the executive team in 2021 was seen by many within the industry as a key move, positioning him as a strong internal candidate for the top job. Ternus is a veteran of the company, having been instrumental in Apple’s product development for over two decades.

Tim Cook’s fourteen-year tenure has been marked by a period of unparalleled financial growth, transforming Apple into the world’s most valuable company. The focus on succession planning underscores the board’s commitment to continuity and stability as the firm prepares for its next chapter.

While the exact timeline for a change in leadership remains confidential, it is understood that the company is unlikely to make any formal announcement regarding a new chief executive before the release of its first-quarter earnings report in late January. This reporting period covers the crucial Christmas holiday trading season.

Apple has yet to offer an official comment on the speculation surrounding its leadership future.