Apple is ramping up succession planning efforts, zeroing in on potential candidates to succeed Tim Cook as CEO as early as next year. A hardware executive from the company is tipped as the front-runner to succeed Cook.
People familiar with the matter told the Financial Times that Apple’s board of directors and senior executives have recently intensified efforts to find a successor to Tim Cook, who has led the $4 trillion company for more than 14 years.
Who could be the new CEO of Apple?
John Ternus, Apple's senior vice president of hardware engineering, is widely seen as Cook's most likely successor, FT reported. However, no final decisions have been made yet.
If Ternus does succeed Cook as the CEO of the iPhone maker, it will put an executive from the hardware side back in charge at a time when Apple is struggling to keep pace with rivals. Ternus, 50, reports directly to Tim Cook.
When will the new CEO be appointed?
Apple is not expected to appoint a new CEO before its next earnings report in late January, which covers the crucial holiday season.
{{/usCountry}}Apple is not expected to appoint a new CEO before its next earnings report in late January, which covers the crucial holiday season.
{{/usCountry}}Announcing a new leader early in the year would allow the incoming team to get established ahead of major annual events, including the developer conference in June and the iPhone launch in September, according to sources.
The sources added that while preparations have accelerated, the timing of any announcement remains subject to change.
What does Tim Cook have to say?
Cook became CEO in 2011 after Silicon Valley legend Steve Jobs resigned, ending his reign at the technology giant he co-founded in a garage.
The Apple CEO, who turned 65 this month, has earlier spoken about wanting an internal candidate to replace him as CEO. He also revealed that the company had “very detailed succession plans”.
Apple refused to comment when FT and Reuters reached out.