Is Apple looking to replace Tim Cook as CEO?

Apple is reportedly making plans to replace Tim Cook as the chief executive officer (CEO). This comes as the 65-year-old prepares to exit the role as soon as early next year, according to Financial Times (FT).

Cook has been Apple’s chief executive for more than 14 years. He took over the post after Steve Jobs resigned in 2011.

Let’s take a closer look.

Is Tim Cook stepping down?

Apple CEO Tim Cook could leave the post next year after the company’s earnings report in late January, reported FT.

Apple ’s board and senior executives have ramped up efforts for Cook to step down after more than 14 years, several people familiar with discussions told the financial newspaper.

The tech giant could name its new CEO early next year, giving the new leadership time to settle into their roles before Apple’s big events like the Worldwide Developers Conference in June and its iPhone launch in September, people said.

They said that while the preparations for the next CEO have intensified, the timing of the declaration could change.

Who could succeed Tim Cook?

Apple is unlikely to appoint someone from outside the company to take over as CEO.

As per the FT report, John Ternus, Apple’s senior vice-president of hardware engineering, is widely seen as the frontrunner to replace Cook. He oversees all hardware engineering, including the teams behind iPhone, iPad, Mac, AirPods, and other gadgets.

However, no final decision has been made, sources said.

Reports of Cook stepping down come following the retirement of Apple’s chief operating officer (COO), Jeff Williams.

Cook has previously supported the idea of an internal candidate replacing him, saying the company has “very detailed succession plans”.

“I love it there and I can’t envision my life without being there so I’ll be there a while,” he told singer Dua Lipa on her podcast in November 2023.

The decision to find a new CEO has been in the works for a long time and is not linked to the iPhone maker’s current performance, which is expected to be a superb end-of-year sales period for the smartphone, as per FT. 

Tech investor Ross Gerber said there is a need for “new leadership” at Apple. “Tim has been phenomenal for a long time but it’s time for change. Apple and Google working together is destiny. Kill Siri. Ask Gemini,” he wrote on X on Sunday (November 16).

How Apple grew under Tim Cook

Tim Cook took over the reins of Apple from its co-founder Steve Jobs in 2011. Under his leadership, the tech giant’s market capitalisation has increased from $350 billion to $4 trillion.

Cook has also been credited with Apple’s shift to outsourcing manufacturing, which has expanded the iPhone-maker’s operations on a much larger scale.

As per Forbes estimates, his net worth was around $2.5 billion. He owns just 3,280,052 shares, or 0.021 per cent of Apple. Besides a base salary of $3 million every year, Cook also takes bonuses and stock awards home, as per TheStreet. 

Cook has also seen his fair share of controversies at Apple, including questions about worker safety.

Apple’s shares are trading close to an all-time high after strong results last month. However, the company is struggling to keep up with its rivals in artificial intelligence.

With inputs from agencies