Apple Accelerates CEO Succession Plans as Tim Cook Prepares to Step Down: FT

Apple has reportedly begun speeding up its long-term succession planning as the company prepares for the eventual exit of CEO Tim Cook, according to a report from the Financial Times. The publication says discussions have intensified within the board and top leadership, with Cook potentially stepping down as early as next year.

The FT report highlights John Ternus, Apple’s Senior Vice President of Hardware Engineering, as the leading internal candidate to take over the role. Sources familiar with the matter told the newspaper that Ternus has emerged as the strongest contender to succeed Cook, who has led the company for over 14 years. Apple is not expected to announce a new CEO until after its next quarterly earnings release in late January, which includes its crucial holiday-season results.

Tim Cook took over as chief executive in 2011 after Steve Jobs stepped down for health reasons. Under Cook’s leadership, Apple has grown into one of the world’s most valuable companies, expanding its product lineup and services business.