Apple’s CEO Tim Cook could potentially step down from his position as early as next year, prompting the tech giant to accelerate its succession planning efforts, as reported by the Financial Times. Sources familiar with the matter indicated that Apple’s board and senior executives have recently increased discussions regarding Cook’s transition after more than 14 years at the helm of the company.
Cook joined Apple at the invitation of co-founder Steve Jobs, coming from his previous role at Compaq. His tenure has been marked by significant contributions that helped pull the company out of financial difficulties by refining its supply chain and manufacturing strategies, thus lowering costs and optimizing operations.
Taking over as CEO in 2011 following Jobs’ resignation, Cook has successfully maintained and expanded Apple’s reputation, solidifying its status as one of the largest companies in the world. The position of CEO comes with substantial benefits, and even as Cook prepares to step back, he is likely to retain his shares in the company and remain active as a board member.
Currently, Tim Cook has approximately 3,280,052 shares of Apple, representing about 0.021% of the company’s total. This positions him behind only Arthur Levinson, who reportedly owns around 4.5 million shares. Additionally, Cook’s financial standing is impressive; he has a net worth of approximately $2.5 billion, ranking him among the world’s billionaires, although he trails behind industry leaders like Elon Musk and Jeff Bezos. Cook’s wealth is primarily attributable to his salary, which totaled $74.6 million in 2024. This package included a base salary of $3 million, stock awards worth $58.1 million, and additional compensation of roughly $13.5 million.
Speculations regarding Cook’s successor point to John Ternus, Apple’s senior vice president of hardware engineering, who is viewed as the frontrunner based on internal discussions.
As Apple approaches this potential transition, the future of the company remains bright, with the possibility of fresh strategies and leadership under the guidance of Ternus or another internal candidate. This change could pave the way for continued innovation and success for Apple in the tech industry.