Apple Inc (NASDAQ:AAPL) CEO Tim Cook has led the technology giant since August 2011 and helped the company hit new milestones and shares hit all-time highs multiple times. Reports of Cook planning an exit in the coming years continue to circulate and one name is leading the way as a potential replacement.
• Apple stock is trading near recent highs. What’s ahead for AAPL stock?
Apple's Next CEO Could Be John Ternus
Replacing Cook won't be easy, given the success Apple has had. This could see the board of directors turn to an insider and someone who knows a lot about key products such as the iPhone and growth items like the highly anticipated foldable iPhone.
A new report from the New York Times places Apple Senior Vice President of Hardware Engineering John Ternus in the driver's seat of becoming the next Apple CEO for some of those very reasons.
Ternus joined Apple's Product Design team back in 2001, according to the company, giving him around 25 years of experience with the technology giant. Ternus became the vice president of Hardware Engineering in 2013, after years of quick promotions and taking on more responsibilities.
"John leads all hardware engineering, including the teams behind iPhone, iPad, Mac, AirPods, and more," Apple's website reads.
Ternus reports directly to Cook in his current role. In recent years, Ternus helped spearhead the iPhone Air and also helped push Apple into using its own chips instead of relying on outside sources.
Ternus has a bachelor's degree in mechanical engineering from the University of Pennsylvania, where he was also on the varsity swim team.
At the age of 50, Ternus is the same age that Cook was when he took over the CEO role at Apple from company co-founder Steve Jobs.
Apple's Succession Planning
Reports about Cook wanting to step down have accelerated in recent years. A 2025 report from the Financial Times said Cook could step down as early as 2026. Bloomberg's Mark Gurman said that Cook likely stays at Apple through at least mid-2026 with potentially several years left.
At the age of 65, Cook is considered on the older side of the executives in the technology sector.
Sources told the New York Times that Cook told senior leaders that he wants to reduce his workload in the coming years. While Cook might step down as CEO, the belief from sources is that he could become the chairman of Apple's board of directors.
Gruman previously listed Ternus as the most likely successor for Cook when the Apple CEO decides to leave the company.
Other Candidates and Prediction Markets
While Ternus is viewed as the frontrunner by sources and has been named in past media outlets. Sources told the New York Times that Cook is also preparing other potential successors, who include:
- Craig Federighi: head of software
- Eddy Cue: head of services
- Greg Joswiak: head of worldwide marketing
- Derdre O'Brien: head of retail and human resources
Prediction markets like Kalshi and Polymarket offer wagers on who will be the next Apple CEO and when Cook will step down.
On Kalshi, the market for when Cook leaves Apple lists odds for before July 2026 at 13% and before 2027 at 52%. This suggests around a 50/50 chance that Cook leaves Apple before the end of 2026.
The prediction market for who will be the next Apple CEO on Kalshi lists the following options and odds:
- John Ternus: 76%
- Sri Santhanam: 17%
- Zongjian Chen: 8%
On Polymarket, these are the current options and odds for the next Apple CEO:
- John Ternus: 80%
- Sabih Khan: 13%
- Craig Federighi: 11%
- Greg Joswiak: 8%
The odds for Ternus on both prediction markets climbed significantly after the New York Times report came out, with his odds at 55% and 52% at Kalshi and Polymarket, respectively in recent weeks. Both prediction markets currently have low volume on the Apple CEO markets, which could make them highly volatile based on news stories.
Apple's Next Growth Phase
With roles in helping work on the iPhone Air, new Apple chips and the foldable iPhone, Ternus is heavily involved in many Apple products that could help future revenue growth. Ternus is highlighted for paying a close attention to detail and strong knowledge of Apple suppliers and partners.
These items could make Ternus appeal to investors and board members who want someone in the realm of Cook, with similarities between the two.
Another CEO question for the Apple board was whether they want to hire someone such as Cook or more like Jobs, who was known for some riskier bets.
While Apple stock hit new all-time highs in 2025, the stock's gain of 11.5% also underperformed the 16.6% gain of the S&P 500 and the 20.4% gain of the Nasdaq 100. Among the Magnificent 7 stocks, Apple ranked fourth.
Apple could be in for larger stock gains in 2026 based on commentary from Cook that the first quarter results could see more company records fall. Cook previously said that the first quarter could set records for revenue and for iPhone revenue.
Future comments on succession could factor into how Apple stock trades in 2026 and whether investors see more of the same or more growth moving forward.
Photo: John Ternus, courtesy Apple INc.
