According to the Financial Times, Apple has expedited its succession preparations in anticipation of Chief Executive Tim Cook’s possible resignation as early as next year. Following Cook’s more than 14 years in charge of the $4 trillion computer giant, Apple’s board and senior executives have recently focused more on a seamless leadership transition, according to the news article.
Many within Apple believe that John Ternus, senior vice president of hardware engineering, is the best candidate to take over as CEO. Nevertheless, a final decision has not yet been reached. According to the news article, the leadership change has been planned for years and has nothing to do with the company’s current success. Particularly for the iPhone, Apple anticipates a robust year-end sales season.
It is unlikely that the company will name a new CEO before its late January earnings release, which includes the critical Christmas quarter. The Worldwide Developers Conference in June and the iPhone launch in September are Apple’s major yearly events, and an early-year announcement would give the new leadership team time to settle in.
After co-founder Steve Jobs passed away in 2011, Cook, who turned 65 this month, took over as CEO of Apple. Apple’s market worth increased from about $350 billion in 2011 to $4 trillion under his direction.
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