Tim Cook could step down as Apple CEO next year: FT Report

Apple is taking succession planning seriously, according to a new report in The Financial Times.

The company’s board and top executives are reportedly preparing for Tim Cook to possibly step down as CEO as early as next year. This transition could occur after Apple’s earnings report in late January, allowing the new leadership team time to adjust before major events, such as the Worldwide Developers Conference in June.

Apple is unlikely to name a new CEO before its next earnings report, scheduled for late January, which covers the crucial holiday quarter. An announcement early in the year would give the new leadership team time to settle in ahead of WWDC in June and the iPhone 18 launch in September.

However, Bloomberg’s Mark Gurman has pushed back on the report, stating, “I don’t get the sense anything is imminent as The Financial Times is claiming.”

Tim Cook, who has held the position of CEO since Steve Jobs’ resignation in 2011, is now 65 years old and has surpassed Jobs in tenure. Under his stewardship, Apple has seen its market value soar from a modest $350 billion to a staggering $4 trillion; however, the company is now navigating through complexities related to its direction in artificial intelligence.

While the FT emphasizes that no final decisions have been reached regarding Cook’s successor or the precise timing of his departure, there is growing speculation around John Ternus, Apple’s senior vice president of hardware engineering.

He is anticipated to be the frontrunner for the coveted CEO position, poised to lead Apple into its next chapter amidst the challenges and opportunities that lie ahead.