Apple CEO Tim Cook could exit as soon as next – Business News
Apple has ramped up its secretive CEO succession planning, getting ready for the likelihood that Tim Cook could exit as early as next yr, in response to a report.
Board members and senior executives have accelerated preparations in latest months as Cook, who turned 65 this month, weighs the tip of a 14-year run that started after the death of co-founder Steve Jobs in 2011, the Financial Times reported.
The effort has intensified to the purpose the place an announcement could come someday early next yr — with {hardware} engineering chief John Ternus rising as the main contender, in response to the report, which cited unnamed sources.
Apple has ramped up its secretive CEO succession planning, getting ready for the likelihood that Tim Cook could exit as early as next yr, in response to a report. REUTERS
Ternus, 50, joined Apple’s product design workforce in 2001 and rose steadily by senior roles within the company’s {hardware} division.
He finally grew to become a vice president in 2013, taking charge of {hardware} engineering a number of years later. In 2021, he joined the company’s government workforce.
Ternus, a former champion swimmer, reigns over a portfolio that features the iPhone, iPad, Mac and AirPods.
He additionally performed a central position within the high-stakes shift from Intel processors to the company’s in-house Apple silicon chips.
In latest years, Ternus has additionally develop into a acquainted presence at main launch occasions.
John Ternus, who heads Apple’s {hardware} engineering unit, has reportedly emerged as the favourite to succeed Cook. REUTERS
Ternus has been described as an government who’s “charismatic and well-regarded by Apple loyalists” and who’s trusted by Cook, who has granted Ternus more duties, in response to Bloomberg News.
While Ternus is considered by many as the favourite, no choice has been made, in response to the FT.
If Ternus does ascend to the highest position, he may have vital footwear to fill.
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Under Cook, Apple’s market capitalization exploded tenfold — from about $350 billion in 2011 to $4 trillion right now.
The company grew to become the primary publicly traded US firm to be valued at $1 trillion in 2018, and it crossed the $2 trillion mark simply two years later.
While Jobs was thought-about a visionary who targeted on innovation and design, Cook, who was his operations chief, proved to be a grasp of effectivity and provide chain operations — permitting Apple to scale its world empire and preserve its dominance.
Since Cook took over as CEO in 2011, Apple has grown tenfold in its market capitalization. AFP by way of Getty Images
Cook has additionally been credited for the profitable rollout of accent merchandise such as Apple Watch in 2015 and AirPods in 2016.
He additionally engineered the company’s large and extremely profitable pivot to providers, such as the App Store, Apple Music, iCloud and the Apple TV+ streaming service.
The providers division grew from just below $3 billion in fiscal 2011 to more than $96 billion in 2024, offering a regular income stream to offset slowing iPhone growth.
Cook himself has confirmed the existence of strong succession plans, although he has remained tight-lipped on timing.
Cook has additionally been credited for the profitable rollout of accent merchandise such as Apple Watch in 2015 and AirPods in 2016. Getty Images
“We’re a company that believes in working on succession plans, so we have very detailed succession plans,” Cook advised singer Dua Lipa on a podcast in November 2023.
“Because something unpredictable can always happen.”
He has additionally made his desire clear for a successor from within the company’s ranks.
“I really want the person to come from within Apple, the next CEO,” Cook acknowledged in the identical interview.
“So that’s my role: That there’s several for the board to pick from.”
Despite the intensified planning, Cook has signaled he isn’t in a rush to depart.
“I love it,” he stated when requested to replicate on more than a quarter century on the Cupertino-based company.
“I can’t envision my life without being there so I’ll be there a while,” he advised Lipa.
While Apple’s stock is trading close to an all-time high, its 12% rise this yr has lagged behind tech rivals like Microsoft and Nvidia, whose valuations have been supercharged by Wall Street’s frenzy over artificial intelligence.
The Post has sought remark from Apple.
