• Apple is preparing for a possible exit of Tim Cook.
• Succession talks have picked up, though timing remains unclear.

Apple appears to be moving closer to a major leadership change, as people familiar with internal talks say the company is preparing for the possibility that Tim Cook may leave his role as chief executive as early as next year.

According to several people who spoke with the Financial Times, Apple’s board and senior team have increased their focus on succession planning in recent months. The discussions point to a transition that has been in motion for years rather than a reaction to the company’s performance. Apple is heading into what many expect to be a strong holiday sales period for the iPhone.

John Ternus, Apple’s senior vice president of hardware engineering, is widely viewed as the most likely person to take over, though the people involved say no final decision has been made. Apple declined to comment on the matter.

Any appointment is expected to come after the company reports its next set of earnings in late January. That report covers the holiday season and is one of the most important updates Apple gives each year. If the company chooses early in the year to reveal a leadership change, the new chief executive would have time to settle in before the June developer conference and the September iPhone launch. The timing could still shift as discussions continue.

Cook, who turned 65 this month, has led Apple since 2011. He stepped into the role shortly before the death of company co-founder Steve Jobs. During Cook’s time as CEO, Apple’s market value has climbed from around US$350 billion in 2011 to about US$4 trillion today. The company’s share price sits near a record high after strong results last month, though its roughly 12 per cent rise this year still trails other major tech firms. Alphabet, Nvidia, and Microsoft have seen bigger gains as investors continue to pour money into companies tied to artificial intelligence.

This year has also brought several changes within Apple’s top ranks. Luca Maestri, the long-serving chief financial officer and one of Cook’s closest advisers, stepped back from his role at the start of the year. In July, chief operating officer Jeff Williams announced he would retire, and his last day was Friday. His departure triggered a reshuffling of responsibilities for several senior executives. Eddy Cue, who oversees Services, Craig Federighi, who leads software engineering, and Ternus have all taken on expanded duties.

If Ternus is chosen as the next chief executive, it would return a hardware-focused leader to the top job. Apple has struggled in recent years to break into new product areas, and it has faced pressure to keep pace with other Silicon Valley companies in AI. A leader with deep hardware experience may help the company rethink how it approaches products as rivals move quickly to tie their devices and services more closely to AI features.

Cook has said in the past that he favours promoting from within when it comes to choosing his successor. He also said the company keeps “very detailed succession plans.” In an interview with Dua Lipa on her podcast in November 2023, Cook said, “I love it there and I can’t envision my life without being there, so I’ll be there a while.”

The Financial Times report aligns with long-running speculation about how much longer Cook plans to stay in the role. His tenure has included major growth, challenges, and a shift toward large-scale production through expanded outsourcing. Supporters credit him for building a supply chain capable of meeting global demand at levels the company had not reached before.

Whoever becomes the next CEO will almost certainly come from within Apple’s existing leadership. Cook has been clear about this preference, and people familiar with the internal process say the board shares this view. For now, the final decision has not been made, and the timing of any announcement remains uncertain.

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