Apple ramps up search for new CEO ahead of Tim Cook's exit next year

Apple is accelerating its succession planning efforts as Tim Cook prepares to step down as CEO, possibly as soon as next year.

According to a report by the Financial Times, both Apple’s board and senior executives have recently increased their focus on the transition, with plans for Cook to hand over control of the $4 trillion company after more than 14 years at the helm.

However, the company is unlikely to name a new CEO before its next earnings report in late January, which will cover the crucial holiday season. An announcement early in the year would allow the new leadership to settle in before major events such as Apple’s annual keynote, its developer conference in June, and the iPhone launch in September.

Who can succeed Cook?

John Ternus, Apple’s senior vice-president of hardware engineering, is widely considered Cook’s most likely successor, although no final decisions have been made, sources told the Financial Times.

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Apple has seen several high-profile changes in its executive ranks this year. Luca Maestri, Cook’s longtime confidante and chief financial officer, stepped back from his role at the beginning of the year. Jeff Williams, a Cook protégé and the company’s chief operating officer, announced his departure in July.

If Ternus is appointed, it would bring a hardware-focused executive to lead Apple at a time when the company has struggled to break into new product categories and keep pace with rivals in the AI space.

Cook’s legacy

Cook, who turned 65 this month, has led Apple since 2011, taking over from co-founder Steve Jobs, who passed away shortly after Cook assumed the role. Under Cook’s leadership, Apple’s market value has skyrocketed from around $350 billion in 2011 to its current valuation of $4 trillion.

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Despite Apple’s impressive financial performance, with shares hovering near an all-time high after strong results last month, its stock price has risen about 12 per cent this year, lagging behind Big Tech peers such as Alphabet, Nvidia, and Microsoft, whose valuations have been boosted by Wall Street’s enthusiasm for artificial intelligence.

Cook has expressed his preference for an internal candidate to succeed him, stating that Apple has “very detailed succession plans.” In a recent interview with singer Dua Lipa on her podcast in November 2023, Cook reaffirmed his commitment to the company, saying, “I love it there and I can’t envision my life without being there, so I’ll be there a while.”