Tim Cook took over as CEO of Apple in 2011, following the passing of Apple co-founder Steve Jobs.
Apple recently witnessed several departures from the senior executive ranks
Photo Credit: Reuters
Apple veteran Tim Cook could step down from his position as the Chief Executive Officer (CEO) of the company as early as next year, according to a report. Cook, who turned 65 this year, took over the position after the passing of Apple co-founder Steve Jobs in 2011 and is finally expected to depart the company after 14 years in charge. The report suggests that the Cupertino-based tech giant has intensified its efforts to find the successor, and Cook himself is said to have voiced his preference for an internal candidate as his replacement.
Citing internal sources with knowledge of the matter, the Financial Times reports that Tim Cook stepping down as Apple CEO is not related to the tech giant's current performance, but a long-planned transition.
Apple is reportedly unlikely to name a CEO before its next earnings report in late January. It is believed that this would give its new leadership team ample time to settle in before the company's annual hardware and software events begin, kicking off with the Worldwide Developers Conference in June.
While the company is yet to make a final decision, the Apple CEO has voiced his preference for an internal candidate to replace him. John Ternus, Senior Vice President of Hardware Engineering at Apple, is widely seen as the most likely successor to Tim Cook at the moment.
During Cook's 14-year reign as Apple CEO, the company's market capital has risen from $350 billion (roughly Rs. 31 lakh crore) to a staggering $4 trillion (roughly Rs. 354.8 lakh crore).
Cook, Apple's former operations chief who turned 65 this month, has led the company since 2011 when he took over the role from its co-founder Steve Jobs, who died months later. During Cook's tenure, the Big Tech group's market capitalisation has surged from about $350bn in 2011 to $4tn today.
The report reveals that Apple's shares are trading close to an all-time high, courtesy of the strong results last month. While it still lags behind some of its big tech rivals like Alphabet, Microsoft, and Nvidia, the company is predicting the best-ever quarter for sales during the upcoming holiday period.
Wall Street previously estimated a six percent growth in revenue for the iPhone maker, but Apple anticipates total revenue growth of 10 to 12 per cent year-on-year.
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