Apple accelerates CEO succession plan, Cook may step down as early as next year.

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Apple is accelerating its CEO succession plans, preparing for the departure of Tim Cook, who has been at the helm for over 14 years. As the world's most valuable company by market capitalization, the advancement of this leadership transition signals the possible end of an era, with Senior Vice President of Hardware Engineering John Ternus considered the most likely successor.

According to several people familiar with internal company discussions, who spoke to the Financial Times, Apple's board and senior management have recently intensified preparations to pave the way for Cook to hand over leadership of the $4 trillion company as early as next year.

Sources say this long-term transition plan is unrelated to the company's current performance. Apple is about to usher in what is expected to be a strong year-end sales season for the iPhone. Any formal announcement about a new CEO is unlikely to be made before the critical holiday quarterly earnings report at the end of January next year.

Announcing the new leadership team early next year would give them time to settle in before major events such as the annual Worldwide Developers Conference in June and the iPhone launch event in September. While preparations have intensified, sources emphasize that the exact timing of any announcement could still change. Apple declined to comment.

Hardware Chief Ternus a Leading Candidate

Among potential successors, Apple Senior Vice President of Hardware Engineering John Ternus is widely considered the frontrunner to succeed Cook.

Sources state that although no final decision has been made, Ternus's leading position is quite evident. As Apple strives to open new product categories and catch up to Silicon Valley rivals in the field of artificial intelligence, appointing Ternus would shift the top leadership of the iPhone maker back to an executive with a hardware background.

This move also comes after a series of major changes within Apple’s executive team. Longtime Chief Financial Officer Luca Maestri, considered a trusted confidant of Cook, stepped down earlier this year. Jeff Williams, the Chief Operating Officer and a protégé of Cook, announced in July that he would depart.

Succession Timing Carefully Considered

The timing of Apple's CEO succession is considered to be carefully planned, aimed at ensuring a smooth transition.

Announcing the new candidate after the critical holiday sales season and before the start of major annual product releases is seen as a strategic arrangement that helps minimize disruptions to company operations and market expectations. Sources indicated that while the plan is accelerating, the specific schedule remains flexible.

From a market perspective, Apple’s stock is trading near record highs after posting strong results last month. However, the company’s stock price is up about 12% this year, trailing other tech giants like Alphabet, Nvidia, and Microsoft, whose valuations have benefited from Wall Street’s enthusiasm for artificial intelligence.

Cook’s Legacy and Response

If he steps down next year, it will mark the end of Tim Cook’s illustrious CEO tenure.

The 65-year-old Cook took over from company co-founder Steve Jobs in 2011. Under his leadership, Apple’s market value has soared from about $350 billion to $4 trillion today. He has previously expressed a preference for an internal succession, stating the company has a “very detailed succession plan.”

Despite the succession planning moving forward, Cook himself has not shown any intention of leaving. In a podcast interview with singer Dua Lipa in November 2023, he said: “I love it there, and I can’t imagine my life without Apple, so I’ll be there for some time.”

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