Apple steps up search for its next chief as Tim Cook era comes to an end

Apple is getting serious about replacing Tim Cook, and the search for his successor is no longer some distant plan.

According to the Financial Times, the board and top leadership have ramped up preparations for a handover that could happen as early as next year.

Tim, who just turned 65, has been in charge since 2011, stepping in after the death of co-founder Steve Jobs. After more than 14 years running the show and taking the company’s value from $350 billion to $4 trillion, his time as boss may be winding down.

While Apple hasn’t made any announcements yet, the most likely name being floated is John Ternus, the guy currently running hardware engineering. People involved in the process allegedly say he’s leading the shortlist, though no decision has been finalized.

Tim has made it clear in past interviews that he wants someone from inside the company to take over. In an interview with singer Dua Lipa in November 2023, Tim said, “I love it there and I can’t envision my life without being there so I’ll be there a while.” Still, that “while” might be shorter than most expected.

Apple plans timeline around key 2025 events

Apple leadership isn’t planning to reveal anything before the company reports earnings in late January though, since that will include performance from the all-important holiday sales period.

But those close to the talks believe that if Apple announces a change early in the year, it’ll give the next CEO time to get comfortable before the June developer conference and the September iPhone launch.

Both events are massive milestones for the company and the public face of its annual product strategy.

Even with preparations in motion, the timing could still shift. But the activity behind the scenes is louder than ever. This year alone, Apple lost two major execs. Luca Maestri, Tim’s longtime finance guy, stepped down as chief financial officer at the start of the year.

Then Jeff Williams, who many thought would be the next in line, announced in July that he was also stepping down as chief operating officer. Both exits cleared the path for someone new, and John might be the one walking through it.

Choosing John would bring a hardware person to the top again, something the company hasn’t had in a while.

It also comes at a moment when Apple is having trouble breaking into new product areas and has fallen behind in the AI race, especially when compared to Alphabet, Microsoft, and Nvidia.

All three have seen their stocks soar thanks to AI hype, while Apple has only managed a 12% gain this year, despite strong recent earnings.

$634 million verdict hits Apple during leadership shake-up

While the leadership story brews, Apple also got slapped with a $634 million verdict on Friday by a federal jury in California. The company was found to have violated a Masimo patent covering blood-oxygen reading tech, used in the Apple Watch.

Masimo says Apple copied its tech and poached its staff, and the jury agreed. A spokesperson for Masimo called the verdict “a significant win in our ongoing efforts to protect our innovations and intellectual property.”

An Apple spokesperson said the company will appeal, saying it disagrees with the outcome. But the case is just one piece of a bigger fight.

The legal battle led a U.S. trade tribunal in 2023 to block imports of Series 9 and Ultra 2 watches after deciding Apple’s features stepped on Masimo’s patents.

To dodge the ban, Apple stripped the blood-oxygen function out of its watches, and later put back an updated version in August, after U.S. Customs and Border Protection gave the green light.