Tim Cook is about to retire, the Financial Times says

Tim Cook, the CEO of Apple, is about to call it quits. Numerous sources have told the Financial Times that the company has “intensified” its efforts to plan his succession.

Allegedly, Apple’s board of directors and senior managers are currently looking for a candidate to replace Tim Cook as the company’s highest-ranking employee.

According to the Financial Times, it’s unlikely that a new CEO will be appointed before the end of January, when Apple announces its latest quarterly results.

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John Ternus, currently senior vice president of hardware engineering, is said to be Apple’s next chief ranking officer, but this hasn’t officially been decided.

Ternus joined Apple in 2001 as a member of the product design team. In 2013, he became vice president of hardware engineering under Dan Riccio. In this role, he was in charge of Apple’s AirPods, Mac, and iPad.

In 2021, Ternus was promoted to senior vice president of hardware engineering and was put in charge of developing the Apple Watch. Anonymous sources now claim he’ll be Tim Cook’s successor as CEO.

In 1998, Tim Cook took his first job at Apple as senior vice president for worldwide operations. In 2007, he was promoted to lead operations.

In 2011, Cook was named CEO of Apple as Steve Jobs’ health continued to deteriorate. A few months after Jobs resigned, he died due to complications from pancreatic cancer.

Under Tim Cook’s leadership, Apple’s market value has risen from $350 billion in 2011 to $4 trillion today. This year, however, the company's performance has lagged behind other major tech companies like Google parent Alphabet, NVIDIA, and Microsoft.

The Financial Times reports that the current performance has nothing to do with Cook’s potential resignation.

Earlier this month, Tim Cook turned 65, which may have influenced his decision to step down from the role.

Apple is declining to answer any questions regarding Tim Cook’s potential departure.

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