Media reports say that longtime Apple (AAPL) CEO Tim Cook is planning to step down in 2026.
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The Financial Times was the first to report that Cook is considering stepping down next year. Apple’s senior vice president of hardware engineering, John Ternus, is seen as a potential successor to Cook, according to reports.
Cook has been CEO of Apple since August 2011, taking over for company co-founder and former CEO Steve Jobs upon his death. Prior to becoming CEO, Cook served as Apple’s chief operating officer (COO) and was responsible for all of the company’s worldwide sales and operations, including end-to-end management of Apple’s supply chain, sales activities, and service and support.
Succession Planning
During his tenure at the helm, Cook presided over the rapid growth of Apple’s signature iPhone and the introduction of popular new products such as the Apple Watch, as well as services such as Apple TV+ streaming. However, Cook has also faced challenges such as the Covid-19 pandemic, tariffs, and a slowdown in iPhone sales in recent years.
The media reports say that Apple has intensified its succession planning as the consumer electronics giant prepares for Cook’s retirement, which could come within the next year. Neither Apple of Cook have commented publicly on the succession plans or who the next CEO might be. Since Cook became CEO, AAPL stock has risen more than 2,000%.
Is AAPL Stock a Buy?
The stock of Apple has a consensus Moderate Buy rating among 35 Wall Street analysts. That rating is based on 21 Buy, 12 Hold, and two Sell recommendations issued in the last three months. The average AAPL price target of $291.14 implies 8.64% upside from current levels.
