Apple's CEO Succession Plan

Apple is reportedly accelerating its succession plan as Tim Cook's potential departure looms as early as 2026. The board and senior management are dedicating significant attention to ensure a smooth leadership transition. John Ternus, the Senior Vice President of Hardware Engineering, is considered a likely successor. Ternus, who has been with Apple for over two decades, currently oversees the development of major products like the iPhone, Mac, and iPad. His promotion to the executive team in 2021 was viewed as a strategic move, positioning him as a strong internal candidate.

Cook, who took over from Steve Jobs in 2011, may step down after 14 years in the role. Under Cook's leadership, Apple's market capitalisation has grown significantly. Cook has expressed his desire for his successor to come from within Apple, and the company has detailed succession plans in place. The timing of the announcement could come early next year, allowing the new leadership team to settle in before major annual events.

Other potential candidates were considered, including Jeff Williams, the Chief Operating Officer, who has now retired. The succession planning occurs amidst changes in Apple's executive ranks. The company is aiming for a seamless handover of leadership as it prepares for its next chapter.