Apple is ramping up succession plans for CEO Tim Cook and may tap this hardware exec to take over, report says

Core Insights - Apple's board is accelerating succession plans for CEO Tim Cook, who may step down as early as next year after 14 years in the role [1] - John Ternus, the senior vice president of hardware engineering, is viewed as the likely successor, although no final decision has been made [1][2] - The company is not expected to announce a new CEO before its earnings report in late January, allowing time for the new leadership to settle in [3] Financial Performance - Apple anticipates year-on-year revenue growth of 10% to 12% for the holiday quarter ending in December, driven by the release of the iPhone 17 model in September [4] AI Strategy and Challenges - Apple has been criticized for its lack of a clear AI strategy and has invested significantly less in AI compared to competitors like Meta, Amazon, Alphabet, and Microsoft [5] - The launch of an AI-enabled Siri has been delayed until 2026 or later due to technical challenges [6] - The company has experienced a talent exodus in its AI team, with many senior members joining Meta, including Ruoming Pang, who received a compensation package reportedly worth $200 million [7]