Apple's Accelerated Succession Plan if Tim Cook Steps Down

How does a company with an iconic CEO prepare for the day when they let go of the top spot? Apple may be finding the answer.

The tech giant’s Board of Directors and Senior Executives are intensifying its succession plans for CEO Tim Cook, sources have told the Financial Times.

The report from 15 November states that Apple is preparing for Tim to step down from the helm after 14 years as early as next year. 

Fifty-year-old John Ternus, Apple’s Senior Vice President of Hardware Engineering, is widely seen as the most likely successor, but the sources reportedly say that no final decisions have been made yet.

Those close to Apple have told the Financial Times the company is unlikely to name a new CEO before its next earnings report in late January and an early-year announcement would allow a new leadership team to settle in before annual events.

Exec shake-ups 

Bloomberg’s Mark Gurman reported in September’s Power On report that the tech giant is set to witness a series of departures from its exec team, including the CEO.

Mark identifies John as the leading internal candidate for Tim, while assuming the Chief will “probably become Apple’s Executive Chairman”.

He says that the VP, who has led Apple’s hardware division since 2021, has “emerged as a key decision-maker on product road maps, features and strategies, extending his influence beyond the traditional scope of a hardware engineering chief”.

John’s contributions to innovation, according to Mark, include the transition to Apple Silico and engineering flagship devices like the iPhone and Mac and highlight his role in shaping product strategy.

Previously, the Bloomberg journalist said that Jeff Williams, Chief Operating Officer (COO), was a top contender for the CEO position, but after his recently announced departure, he is no longer the leading candidate.

His report follows a series of exec moves.

In July, it was announced that Jeff would be stepping down as COO.

Sabih Khan, previous Senior Vice President of Operations, transitioned into the role as part of a long-planned succession.

Tim Cook’s tenure

Tim was appointed CEO in 2011, following the resignation of Co-Founder and ex-CEO Steve Jobs – who left the tech giant on health grounds.

Tim was appointed Senior Vice President for Worldwide Operations in 2002 – with a particular focus on streamlining the company’s supply chain.

In 2005, he was named COO.

CEO at the time Steve said: “Tim has been doing this job for over two years now and it’s high time we officially recognised it with this promotion.

“Tim and I have worked together for over seven years now and I am looking forward to working even more closely with him to help Apple reach some exciting goals during the coming years.”

During his time at COO, he served as interim CEO a few times during periods when Steve took leave on medical grounds – which led the then CEO to recommending Tim as his replacement.

Shortly after Tim started his tenure, the iPhone 4S, iCloud and Siri were publicly announced on 4 October 2011. 

Since then, he has seen the company through the development and release of more than 40 iPhone models, more than 15 Apple Watch since the first model in 2014 and more than 40 iPads since their release in 2010.

Tim has previously commented on his preference of who will replace him, telling singer Dua Lipa in 2024 on her podcast At Your Service: “I really want the person to come from within Apple.”