Apple is getting serious about succession planning, according to a new report from the Financial Times.
The company’s board and senior executives are reportedly preparing for the possibility of Tim Cook stepping down as CEO as early as early next year. This is expected to happen after Apple’s earnings report in late January, giving the new management team time to settle into their roles before big Apple events like June’s Worldwide Developers Conference.
Cook, 65, has been Apple’s chief executive since Steve Jobs stepped down in 2011. He has now been CEO longer than Mr. Jobs. Under his leadership, Apple has grown from a $350 billion market cap to $4 trillion, but the company appears to be struggling to find the right direction with AI.
According to the FT, no final decision has been made on Mr Cook’s replacement or when he will step down. However, John Ternas, Apple’s senior vice president of hardware engineering, is reportedly seen as the frontrunner to become the company’s next CEO.
