Apple is stepping up its search to replace Tim Cook, with the search for his successor no longer some distant plan. According to the Financial Times, the board and top leadership are prepared for a handover that could happen as early as next year.
Tim Cook, who just turned 65, has been in charge since 2011, taking up the position after the death of co-founder Steve Jobs. After more than 14 years running the show and taking the company’s value from $350 billion to $4 trillion, his time as boss may be up. While announcements have not yet been made, the most likely name being floated is John Ternus, the individual running hardware engineering.
People with knowledge about the process allegedly say he’s leading the shortlist, though no decision has been finalized. Tim has made it clear in past interviews that he wants someone from inside the company to take over. In an interview with singer Dua Lipa in November 2023, Tim said, “I love it there and I can’t envision my life without being there, so I’ll be there a while.” From the looks of things, that “while” might be shorter than most expected.
Apple to plan timeline around key 2025 events
Apple leadership isn’t planning to reveal anything before the company reports earnings in late January, though, since that will include performance from the all-important holiday sales period. But those close to the talks believe that if Apple announces a change early in the year, it’ll give the next CEO time to get comfortable before the June developer conference and the September iPhone launch.
Both events are massive milestones for the company and the public face of its annual product strategy. Even with preparations in motion, the timing could still shift. But the activity behind the scenes is louder than ever. This year alone, Apple lost two major execs. Luca Maestri, Tim’s longtime finance guy, stepped down as chief financial officer at the start of the year.
Then Jeff Williams, who many thought would be the next in line, announced in July that he was also stepping down as chief operating officer. Both exits cleared the path for someone new, and Ternus might be the next one in line. Choosing Ternus would bring a hardware person to the top again, something the company hasn’t seen in a while.
It also comes at a moment when Apple is having trouble breaking into new product areas and has fallen behind in the AI race, especially when compared to Alphabet, Microsoft, and Nvidia. All three have seen their stocks soar thanks to AI hype, while Apple has only managed a 12% gain this year, despite strong recent earnings.
