Tim Cook could step down from Apple relatively soon, report claims

Apple is preparing for Tim Cook to step down as chief executive of the company, according to a new report.

The company is stepping up its work on planning for someone else to take over as the leader of the iPhone maker, which is valued at $4 trillion.

The change could happen within months, according to the Financial Times, which first reported the discussions. The board is likely to wait until after its next earnings report in January, but could announce a new chief executive soon after that to ensure that the new team is ready for its big software event in June and the launch of new iPhones in September.

Mr Cook recently turned 65 and has led Apple for 14 years, increasing its value by roughly ten times and seeing the release of a host of products. He took over from Steve Jobs, the company’s co-founder – and has served roughly as long as his predecessor.

The most likely candidate to take over from Mr Cook is John Ternus, who currently serves as Apple’s head of hardware engineering. He has taken a starring role in recent keynotes, introducing key products such as the iPhone, and at 50 is younger than many of Apple’s other high-ranking executives.

Mr Cook has been vague in responding to questions about his retirement in the past, and any announcement would have to be tightly controlled given Apple’s status as a publicly listed company. But he has referenced his potential departure date in the past – in an interview with Dua Lipa in 2023, he said that he would not leave imminently.

“I don’t know how long I’ll be [at Apple],” he said then. “I love it there, and I can’t envision my life without being there. So, I’ll be there a while.”

Some commentators suggested that the original FT report was intended to deliberately test sentiment around Mr Cook stepping down, and make public the boards work in looking for his replacement. Apple commentator John Gruber, for instance, suggested that anyone with insight into Mr Cook and the board’s thinking would only talk to the media about it “with Cook’s blessing”, for instance.

Tim Cook’s natural successor had looked for some time to be Jeff Williams, who joined Apple in 1998 and rose to be its chief operating officer. For many years he had the same title and similar responsibilities to those held by Mr Cook before he was promoted to be chief executive.

But, in July, Apple announced that Mr Williams would be retiring. Last week, he was removed from Apple’s executive leadership page as that retirement officially went into effect.

“I am and will always be beyond grateful for his numerous contributions to Apple over the years and his loyal friendship,” Mr Cook said at the time. “Jeff's true legacy can be seen in the amazing team he's created and, while he'll be greatly missed, he leaves the work of the future in incredible hands.”