Apple CEO Tim Cook could exit as soon as next yr: report | Latest Tech News
Apple has ramped up its secretive CEO succession planning, making ready for the likelihood that Tim Cook could exit as early as next yr, according to a report.
Board members and senior executives have accelerated preparations in current months as Cook, who turned 65 this month, weighs the end of a 14-year run that started after the death of co-founder Steve Jobs in 2011, the Financial Times reported.
The effort has intensified to the purpose where an announcement could come someday early next yr — with {hardware} engineering chief John Ternus rising as the main contender, according to the report, which cited unnamed sources.
Apple has ramped up its secretive CEO succession planning, making ready for the likelihood that Tim Cook could exit as early as next yr, according to a report. REUTERS
Ternus, 50, joined Apple’s product design group in 2001 and rose steadily through senior roles in the company’s {hardware} division.
He ultimately turned a vice president in 2013, taking charge of {hardware} engineering a number of years later. In 2021, he joined the company’s government group.
Ternus, a former champion swimmer, reigns over a portfolio that contains the iPhone, iPad, Mac and AirPods.
He also performed a central function in the high-stakes shift from Intel processors to the company’s in-house Apple silicon chips.
In current years, Ternus has also change into a acquainted presence at major launch occasions.
John Ternus, who heads Apple’s {hardware} engineering unit, has reportedly emerged as the favourite to succeed Cook. REUTERS
Ternus has been described as an government who is “charismatic and well-regarded by Apple loyalists” and who is trusted by Cook, who has granted Ternus more obligations, according to Bloomberg News.
While Ternus is seen by many as the favourite, no resolution has been made, according to the FT.
If Ternus does ascend to the top function, he could have important footwear to fill.
Under Cook, Apple’s market capitalization exploded tenfold — from about $350 billion in 2011 to $4 trillion today.
The company turned the first publicly traded US firm to be valued at $1 trillion in 2018, and it crossed the $2 trillion mark just two years later.
While Jobs was thought of a visionary who targeted on innovation and design, Cook, who was his operations chief, proved to be a grasp of effectivity and provide chain operations — permitting Apple to scale its global empire and preserve its dominance.
Since Cook took over as CEO in 2011, Apple has grown tenfold in its market capitalization. AFP via Getty Images
Cook has also been credited for the profitable rollout of accent merchandise such as Apple Watch in 2015 and AirPods in 2016.
He also engineered the company’s huge and extremely profitable pivot to providers, such as the App Store, Apple Music, iCloud and the Apple TV+ streaming service.
The providers division grew from just under $3 billion in fiscal 2011 to more than $96 billion in 2024, offering a regular income stream to offset slowing iPhone growth.
Cook himself has confirmed the existence of strong succession plans, though he has remained tight-lipped on timing.
Cook has also been credited for the profitable rollout of accent merchandise such as Apple Watch in 2015 and AirPods in 2016. Getty Images
“We’re a company that believes in working on succession plans, so we have very detailed succession plans,” Cook told singer Dua Lipa on a podcast in November 2023.
“Because something unpredictable can always happen.”
He has also made his choice clear for a successor from within the company’s ranks.
“I really want the person to come from within Apple, the next CEO,” Cook said in the same interview.
“So that’s my role: That there’s several for the board to pick from.”
Despite the intensified planning, Cook has signaled he’s not in a rush to go away.
“I love it,” he said when requested to mirror on more than a quarter century at the Cupertino-based company.
“I can’t envision my life without being there so I’ll be there a while,” he told Lipa.
While Apple’s stock is trading close to an all-time high, its 12% rise this yr has lagged behind tech rivals like Microsoft and Nvidia, whose valuations have been supercharged by Wall Street’s frenzy over artificial intelligence.
The Post has sought remark from Apple.
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