Tim Cook may step down as CEO of Apple next year, according to sources cited by the Financial Times.
The company’s board and top executives are reportedly preparing for Cook’s departure after over 14 years at the helm. John Ternus, who leads Apple’s hardware division, is widely considered the frontrunner to succeed Cook. However, no final decisions have been made yet, the sources say.
Cook, aged 65, has served as Apple’s CEO since 2011, taking over from co-founder Steve Jobs shortly before Jobs passed away. Under Cook’s leadership, Apple’s market value soared from $350 billion in 2011 to $4 trillion today.
Apple has declined to comment on the report. A new CEO is unlikely to be named before the company’s next quarterly earnings report in late January, which will cover the key holiday season.
