Apple is said to be preparing next-generation leadership. Apple Chief Executive Officer Tim Cook could step down as early as next year, prompting preparations for the transition.
According to foreign media including the Financial Times (FT) of the United Kingdom on the 14th local time, Apple is moving forward with a succession plan in anticipation of Cook's retirement. Citing multiple people familiar with the talks, the FT reported that Apple's board of directors and senior executives have recently intensified preparations for Cook's succession.
John Ternus, Apple's senior vice president of hardware engineering, is being mentioned as a strong candidate for the next CEO. The current discussion of a successor is said to be a matter that has been addressed over a long period, regardless of Apple's current performance.
▲Annual keynote ▲June developer conference ▲September iPhone launch — with major events to prepare for, voices within the company are reportedly calling for announcing a new CEO early next year to secure sufficient time. The FT, however, said it is unlikely a new CEO will be announced before the earnings report at the end of Jan. next year.
Cook has led the company since the death of co-founder Steve Jobs in 2011. Under Cook's management, Apple achieved results including opening the China market. The company's market capitalization grew from about $350 billion (about 510 trillion won) in 2011 to $4 trillion (about 5,800 trillion won) today.
However, some assessments say a crisis has recently emerged for Cook's leadership. The company focused on businesses not aligned with the times, such as Autonomous Driving (Apple Car) and the Metaverse (Vision Pro), which delayed its response to artificial intelligence (AI) services.
Apple has recently been expediting changes in its management. Last year, Chief Financial Officer (CFO) Luca Maestri, 61, stepped down, and in July this year, Chief Operating Officer (COO) Jeff Williams, 62, announced his departure. Both Williams and Maestri are regarded as key figures who, along with Cook, drove Apple's rapid growth. Earlier, as Cook marked his 65th birthday on the 1st, reports said discussions on the next CEO had gained momentum. Cook has said he prefers an internal candidate as a successor and that the company has "a very specific succession plan."