Tim Cook May Exit Apple Next Year; John Ternus as Top Contender

URGENT UPDATE: New reports confirm that Apple CEO Tim Cook could exit as early as next year, sparking intense speculation about his successor. According to the Financial Times, Apple’s board members and senior executives have accelerated their CEO succession planning, reflecting Cook’s consideration of stepping down after leading the company for over 14 years, starting in 2011 after the passing of co-founder Steve Jobs.

The planning has intensified to the point where an announcement regarding Cook’s departure could come in early 2024. The leading candidate to take the reins is John Ternus, Apple’s hardware engineering chief, who has been with the company since 2001 and became a vice president in 2013. Ternus, now 50, is recognized for his pivotal role in developing key products like the iPhone, iPad, and Mac, as well as managing the transition to Apple’s in-house silicon chips.

Ternus is not just a capable engineer; he is also regarded as “charismatic and well-regarded” among Apple loyalists. As Cook has entrusted Ternus with significant responsibilities, he is viewed as a strong internal candidate for the CEO role. However, no final decision has been made regarding succession, according to sources cited by the Financial Times.

Cook, who celebrated his 65th birthday this month, has overseen a remarkable transformation at Apple. Since he took charge, the company’s market capitalization has surged from approximately $350 billion to an astonishing $4 trillion today. Under Cook’s leadership, Apple became the first U.S. company to reach a valuation of $1 trillion in 2018 and crossed the $2 trillion mark just two years later.

While Jobs was synonymous with innovation, Cook has been credited with unparalleled operational efficiency, allowing Apple to scale and maintain its market dominance. His tenure has seen the successful launches of major products like the Apple Watch in 2015 and AirPods in 2016. Moreover, Cook spearheaded Apple’s shift toward a robust services model, with the services division’s revenue skyrocketing from under $3 billion in 2011 to over $96 billion projected for 2024.

In a recent podcast with singer Dua Lipa, Cook confirmed that Apple has well-established succession plans, stating, “We’re a company that believes in working on succession plans, so we have very detailed succession plans.” He emphasized his desire for a successor to emerge from within Apple, indicating he wants to ensure multiple qualified candidates for the board to consider.

Despite the discussions surrounding his potential exit, Cook has expressed no immediate plans to leave, saying, “I love it. I can’t envision my life without being there.” His commitment to Apple remains strong, even as the company’s stock trades near an all-time high. However, Apple’s growth this year, while impressive, has lagged behind tech giants like Microsoft and Nvidia, whose valuations have soared amid Wall Street’s AI enthusiasm.

As the situation develops, all eyes will be on Apple and its leadership transition. The next few months could bring significant changes that will shape the future of one of the world’s most valuable companies. The Post has reached out for comment from Apple, and updates will follow as more information becomes available.