CUPERTINO (dpa-AFX) - Apple is stepping up its succession planning efforts as it prepares for Tim Cook to step down as chief executive Officer as soon as next year, the Financial Times reported, citing people familiar with the matter.
The newspaper said that Apple's board and senior executives have recently intensified preparations for Cook to hand over the reins at the $4 trillion company after more than 14 years at the helm.
John Ternus, Apple's senior vice-president of hardware engineering, is widely regarded as the most likely successor, though no final decision has been made, according to the report.
Sources close to Apple emphasized that the long-planned transition is not connected to the company's current performance. The move comes ahead of what is expected to be a blockbuster end-of-year sales period for the iPhone.
The company is unlikely to announce a new CEO before its next earnings report in late January, which will cover the crucial holiday season. An announcement early in the year would give the incoming leadership team time to settle in before Apple's major annual events, including its developer conference in June and the iPhone launch in September, the Financial Times noted.
Although preparations have intensified, the timing of any announcement could still change, the report said.
Cook, Apple's former operations chief who turned 65 this month, has led the company since 2011, when he succeeded co-founder Steve Jobs, who died shortly afterward. Under Cook's leadership, Apple's market capitalization has soared from about $350 billion in 2011 to $4 trillion today.
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