Operation "Heir": who will replace Tim Cook at Apple?
A complicated question.
Tim Cook is already 63, and in the old days, CEOs were automatically dismissed at 65, writes Mark Gurman from Bloomberg. The rules of the game have certainly changed, but is the company ready for a new leader? And who can be considered for this position?
Cook replaced Steve Jobs in 2011 and has already served longer than the average CEO on the Fortune 500 list. If Steve was able to pull the company from the grave, Tim made Apple one of the most valuable in history: in 2003, its market capitalization was about $7.88 billion, in 2013 it was $500.7 billion, and now it stands at $2.8 trillion. Consequently, Cook has made himself one of the 10 most influential CEOs in the world, so finding a replacement will indeed be a non-trivial task.
Moreover, throughout his tenure, his team has hardly changed, except for the high-profile departures of designer Jony Ive and retail chief Angela Ahrendts. Cook's entire circle is already of a considerable age, and the company is looking for a leader who could stay at the helm for at least 10 years.
Yes, the company understands that if 81-year-old Joe Biden can lead the U.S., then Cook can continue his work for a long time as well. However, he himself realizes that with each passing year, risks increase. During a podcast with singer Dua Lipa titled "At Your Service," he darkly joked that "tomorrow he might step off the wrong curb," so his task is to "prepare several people to be able to succeed."
"I really want this person to come from Apple. So my role is to ensure that there are candidates for [the board of directors - ed.]."
Tim Cook
Apple CEO
Nevertheless, according to Gurman, one of the main candidates for an emergency replacement for Tim Cook is Chief Operating Officer Jeff Williams.
In 2015, he brought the first major product of Cook's era to market—the Apple Watch. Four years later, he replaced Ive as head of hardware and software development.
This is indirectly indicated by the fact that Apple increasingly makes Ternus the face of its new products. He was the face of the presentation on May 7, introducing new iPad Pro and iPad Air models. Last year he traveled across Europe to discuss the company's environmental initiatives, a key area for Cook. But perhaps the biggest sign of Ternus's growing prominence was a 30-minute television interview in December where he impressed colleagues with knowledge that wasn't even part of his expertise.
John Ternus is Apple's head of hardware development. Photo:
Stephen Lam / Reuters
Every spring, Apple holds a so-called "Top-100"—an off-site event for executives usually held in California's Carmel Valley that gathers the most important people in the company. In March this year, Ternus was prominently present, presenting the company's technology plan. Previously, Ternus was only invited as a host; however, now he has become an integral figure at the event and discusses Apple's future. What is this if not a direct hint?
