A bombshell new report from the Financial Times relays that Tim Cook may step down from the CEO position at Apple as early as next year. As a result, Apple’s succession planning remains in full swing as the company eyes potential successors for the CEO position.
The frontrunner for the lead position at Apple is reportedly John Ternus, currently the company’s Senior Vice President of Hardware Engineering. Ternus is a longtime Apple veteran who joined Apple’s vaunted Product Design team back in 2001. During his tenure at Apple, Ternus has helped to oversee hardware engineering across several product lines, including the iPad, iPhone, and AirPods. Ternus’ bio on Apple’s leadership page also notes that he was a “key leader in the ongoing transition of the Mac to Apple silicon.” Interestingly enough, Cook, before he assumed the CEO role at Apple, was incredibly instrumental in transitioning the Mac from PowerPC processors to Intel chips.
All that said, no final decision about Tim Cook’s successor has been made just yet. The report notes that an announcement might be made sometime in early 2026, with the idea being that this would provide Cook’s successor with enough time to get things settled ahead of WWDC in June and the all-important iPhone release in September.
Why would Tim Cook step down?
At this point, it’s unclear why 2026 might be the year Cook finally calls it quits. After all, Apple is arguably in the strongest position it’s ever been in. The company continues to make money hand over fist, and has impressively managed to improve every device in its product line on a consistent — if not yearly — basis. Not only that, but Apple under Cook’s leadership managed to create new revenue streams so that the company’s fortunes aren’t exclusively tied to iPhone sales. As a prime example, Apple’s services division now generates more annual revenue than companies like Tesla and Disney. During its most recent quarter, services-based revenue contributed a whopping $28.75 billion to Apple’s bottom line. Further, Apple during its earnings conference call said that services revenue is projected to increase by about 15% in 2026.
In light of the above, shares of Apple are currently trading at an all-time high. What’s more, the company has an incredibly exciting product roadmap ahead. Specifically, Apple within the next two years will reportedly release a foldable iPhone, a device that might propel iPhone sales and profits even higher.
All in all, Apple is in a better position financially and product-wise than it’s been in years. And that, as it turns out, may be the exact reason why Cook is finally comfortable walking away from the CEO position. Rather than abandoning ship amidst chaos, product flops, and poor financial performance, Cook may simply decide that it’s better to walk away while Apple is at the top and firing on all cylinders.
