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Tim Cook is likely to step down as Apple CEO next year, with the company intensifying efforts to find a replacement, the Financial Times reports, citing sources familiar with the development.
Cook has been at the helm of the company since 2011, when he took over for co-founder Steve Jobs. His potential departure has nothing to do with Apple's financial performance, the FT reports. Under his leadership, Apple's market cap has jumped from $350 billion in 2011 to a little over $4 trillion this year. Still, the company has faced criticism for a slowdown in innovation and for lagging behind competitors in delivering AI features.
Cook's most likely successor is John Ternus, Apple's current SVP of hardware engineering. Ternus joined Apple in 2001, and at the age of 50, is one of the company's younger senior executives. (Cook was also 50 when he took over as chief executive.)
The announcement isn't expected before the January earnings call, the report states. Announcing the name early next year, however, could give the new leadership enough time to settle before WWDC in June and the iPhone launch in September, sources tell the FT. Nothing has been finalized yet, with the sources saying the name and timeline could change over time.
Bloomberg's Mark Gurman backs the FT's reporting on Ternus as the leading candidate, but disagrees with their suggested timeline. "As I wrote a month ago, Apple is due for a major management shake-up and the spotlight is squarely on John Ternus as Tim Cook's successor as CEO," he tweeted. "But I don't get the sense anything is imminent as the @FT is claiming."
Starting next year, Apple will reportedly divide its iPhone launches into two major windows. The annual fall event will see the launch of high-end models like the Pro, Pro Max, and a foldable phone, while an event in early 2027 will be reserved for the base, budget, and Air variants.