Will Apple CEO Tim Cook Step Down Next Year? Succession Plans Accelerate Amid Departure Speculation

"John Ternus, Senior Vice President of Hardware, Considered Leading Candidate for Successor"

Apple is reportedly accelerating its succession plans in preparation for the possible departure of Chief Executive Officer (CEO) Tim Cook as early as next year.

Tim Cook, Chief Executive Officer (CEO) of Apple. Apple

According to the Financial Times (FT) on November 14 (local time), Apple's board of directors and senior executives have recently strengthened preparations for CEO succession, keeping in mind the possibility that Cook may step down.

The leading candidate to succeed him is John Ternus, Senior Vice President of Hardware Engineering at Apple. If Ternus, who comes from the hardware division, becomes CEO at a time when Apple is facing challenges such as launching new product lines and competing with artificial intelligence (AI) companies, it would mean that an executive from the hardware sector would once again lead the company.

Discussions about a successor are reportedly unrelated to Apple's current performance and have been part of a long-standing plan.

The timing of the new CEO announcement has not been decided.

Sources said that if a new CEO is announced early in the year, the new leadership would have time to adapt before major events such as the annual keynote, the June developer conference, and the September iPhone launch.

However, FT reported that it is unlikely a new CEO will be announced before the earnings report at the end of January next year.

Cook has led Apple since the death of co-founder Steve Jobs in 2011. During his tenure, Apple's market capitalization has soared from about $350 billion (approximately 510 trillion won) in 2011 to $4 trillion (approximately 5,800 trillion won) today.

This year, Apple has seen several changes among its executives. Luca Maestri, Chief Financial Officer (CFO) and a longtime close associate of Cook, stepped down earlier this year, and Jeff Williams, Chief Operating Officer (COO), who had been considered a potential successor to Cook, left his position in July. Cook has previously stated that he prefers to appoint successors from within the company and that Apple has a "very specific succession plan" in place.