Apple is preparing for the possible departure of Tim Cook as CEO in 2026, with Apple’s senior vice president of hardware development, John Ternus, likely to become the next CEO, the Financial Times reports, citing sources.
According to the newspaper, Apple’s board of directors and senior management have recently stepped up preparations for Cook to hand over the reins of the company after more than 14 years at the helm.
Turnus is seen as the most likely successor, although a final decision has not yet been made.
Sources close to Apple stressed that the upcoming leadership change is not related to the company’s current performance. A record period of iPhone sales is now expected at the end of the year.
The company is unlikely to announce a new CEO until its next earnings report, scheduled for late January, which will cover the important holiday season.
An announcement early in the year would give the new leadership team time to settle in before Apple’s big annual events, including its annual developer conference in June and the iPhone launch in September, the publication said. Despite the ramped-up preparations, the announcement’s timing could change.
Cook, Apple’s former chief operating officer who turns 65 this month, has led the company since 2011, succeeding co-founder Steve Jobs.
Under Cook’s leadership, Apple’s market capitalization has soared from about $350 billion in 2011 to $4 trillion today.