Apple Inc (NASDAQ:AAPL, ETR:APC) is rumored to be stepping up its CEO succession planning as Chief Executive Tim Cook considers stepping down within the next year after 14 years at the helm, media reports said.
John Ternus, Apple’s senior vice president of hardware engineering, is reportedly the frontrunner to succeed Cook, with an official announcement expected after the company’s earnings report in late January.
Cook’s tenure transformed Apple into one of the world’s most valuable companies. Since he took over in 2011, Apple’s market capitalization has increased roughly tenfold, adding more than $700 million on average each day. Sales have quadrupled, and the company has made major innovations in custom silicon.
If Ternus assumes the CEO role, he would inherit a company that has grown by $3.68 trillion under Cook. Other internal candidates include Craig Federighi, who leads software engineering, and Greg Joswiak, head of global marketing. Federighi is known for his public presence and influence over Apple’s platform strategy, while Joswiak brings broad product insight and long-standing company experience.
Apple shares were down 2.1% in early Monday trading.