Apple Gears Up for Leadership Change: Tim Cook to Step Down

Apple is actively preparing for CEO Tim Cook's departure, with John Ternus emerging as his likely successor. The Financial Times reports that these succession efforts have intensified, though an official announcement is not expected before the company's next earnings report in late January. Cook has led Apple since 2011.

Apple is reportedly enhancing its succession planning as anticipation grows over CEO Tim Cook's potential departure as early as next year, according to the Financial Times.

John Ternus, Apple's senior VP of hardware engineering, is tipped as the leading candidate to succeed Cook, as per several insiders. The company, however, hasn't commented on the reports.

Internal discussions suggest Apple's board and top officials are increasingly focusing on succession strategies. Although a new CEO is not expected to be named before its upcoming earnings report in late January, which will reflect on the holiday season's performance.

(With inputs from agencies.)