In a development that could mark the end of an era for the technology giant, Apple CEO Tim Cook is reportedly considering stepping down from his position as early as next year. According to a Financial Times report, this potential move has prompted Apple's board and senior executives to accelerate their succession planning efforts.
The Impending Leadership Transition
Sources familiar with internal developments have revealed that Apple's leadership has intensified preparations for Cook to hand over responsibilities after serving as CEO for more than 14 years. The technology behemoth, which Cook has led since taking over from Silicon Valley legend Steve Jobs in 2011, is unlikely to announce a new CEO before its next earnings report in late January, which covers the crucial holiday season.
Cook's journey with Apple began when Steve Jobs personally recruited him from Compaq. His exceptional skills in streamlining supply chains and manufacturing processes played a pivotal role in rescuing Apple from financial difficulties, setting the stage for its remarkable transformation into one of the world's most valuable companies.
Cook's Legacy and Financial Standing
Under Cook's stewardship, Apple has not only maintained its innovative edge but has grown into one of the largest corporations globally. The CEO's compensation reflects his significant contributions to the company's success. In 2024 alone, Cook received a total compensation package of $74.6 million, comprising a $3 million base salary, stock awards valued at $58.1 million, and additional compensation of approximately $13.5 million.
Despite being at the helm of the world's first $3 trillion company, Cook's personal wealth stands at an estimated $2.5 billion, placing him among the world's 3,300 billionaires, though significantly behind tech peers like Elon Musk and Jeff Bezos. This disparity stems from Cook being a shareholder rather than a founder-owner of Apple.
Cook currently holds approximately 3,280,052 Apple shares, representing 0.021% of the company. The only individual insider with larger holdings is Arthur Levinson, who possessed about 4.5 million shares as of 2025. Even after stepping down as CEO, Cook is expected to retain his Apple stocks and continue serving on the company's board.
The Succession Race Heats Up
The Financial Times report identifies John Ternus, Apple's senior vice president of hardware engineering, as the most likely candidate to succeed Cook. Multiple sources familiar with the discussions have indicated that Ternus currently leads the internal race for the top position.
Ternus has been with Apple since 2001 and has played crucial roles in the development of various iconic products, including iPhones, iPads, and Macs. His extensive experience and deep understanding of Apple's product ecosystem position him as a strong contender to lead the company into its next chapter.
As Apple prepares for this potential leadership transition, the technology world watches closely to see how one of the most successful CEO tenures in corporate history might conclude and what direction the smartphone pioneer will take under new leadership.
