Apple is preparing for Tim Cook to step down as CEO of the company "as soon as next year," according to the Financial Times.


The company's board of directors and senior executives "recently intensified preparations for Cook to hand over the reins," the report said.

While the report said that Apple is unlikely to name a new CEO before its next earnings report in late January, it went on to explain that an announcement early in the year would allow for a smooth leadership transition, ahead of Apple's annual developers conference WWDC in June and iPhone event in September.

No final decisions have been made, and the timing could change, the report said.

Cook has been Apple's CEO since August 2011. He turned 65 this year, which is a common age for retirement in the United States, but he has yet to publicly announce any plans to step down. Apple's Senior Vice President of Hardware Engineering, John Ternus, is widely viewed as Cook's most likely successor when the time comes.


Ternus joined Apple in 2001. At 50, he is one of Apple's younger senior executives, so he could potentially have a lengthy run as CEO.

Bloomberg's Mark Gurman pushed back on the report. "I don't get the sense anything is imminent as the [Financial Times] is claiming," he said, in a post today.

In any case, the report said Apple's succession plans are not related to the company's current performance. Apple reported record revenue in the September quarter, and the company expects the current December quarter to be the best quarter in the company's history. In addition, Apple's stock price is near its all-time high.
This article, "Report: Tim Cook to Step Down as Apple CEO 'as Soon as Next Year'" first appeared on MacRumors.com

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