It's reported that Tim Cook will step down as Apple's CEO. It remains a mystery who will take the reins of the $3.77 trillion empire.

When Tim Cook took over the reins of Apple from Steve Jobs in August 2011, the outside world mostly regarded him as a transitional leader. There were concerns that this company, which had just launched the iPad, would become mediocre due to "losing its soul".

Fourteen years have passed. Cook has not only stabilized Apple but also propelled it to the pinnacle of tech history: Its market value once exceeded $4 trillion, with a cash reserve of over $160 billion and more than 2.5 billion active devices globally. Now, as Cook, who is about to turn 65, his retirement plan is becoming more apparent, and the market is waiting for this tech giant to embark on a new era.

01. The End of the Cook Era Is Approaching, and Apple Enters the "Succession Moment"

In early October 2025, Mark Gurman, a Bloomberg journalist who has long tracked Apple's internal dynamics, pointed out in a report that Apple is undergoing a "quiet but profound power shift". Cook may step down within the next 12 to 24 months, and the company has turned its attention to John Ternus, an engineer who has worked at Apple for over two decades.

This rumor quickly sparked intense discussions. After all, in the past fourteen years, Cook has almost reshaped Apple's DNA - shifting from design - oriented to operation - driven, from hardware sales to service ecosystem, and from a cultural icon to a capital giant. His departure not only marks the end of an era but also means that Apple needs to face the "soul reshaping" again.

During Cook's tenure, he was known for his amazing management efficiency. He extended Apple's global supply chain to more than 50 countries and regions, building an exemplary production system in the industry. He led the launch of products such as AirPods, Apple Watch, Apple Pay, M - series chips, and Vision Pro. He witnessed Apple's market value soar from $347 billion when he took over to approximately $3.77 trillion, more than a ten - fold increase. The financial data is even more impressive. In the fiscal year 2024, Apple's revenue was approximately $391 billion, with a net profit of $93.7 billion and a gross profit margin close to 45%, making it one of the most profitable companies in the world.

However, behind these impressive financial figures, the concern about the slowdown of Apple's innovation pace is gradually emerging. While tech giants like Microsoft, Google, OpenAI, and Anthropic are jointly driving a far - reaching artificial intelligence (AI) wave at a disruptive speed, Apple's attitude seems extremely cautious and lagging. Even though Apple launched "Apple Intelligence", due to its limited functions and only covering some devices, it is generally regarded in the industry as a "forced response" rather than a real strategic technological breakthrough.

The market's reaction to this conservative strategy is directly reflected in the stock price. Since the beginning of this year, Apple's stock price has only increased by 1.4%, far underperforming the S&P 500 index. Therefore, when the news about Cook's possible retirement spread, instead of panicking, the market was filled with strong expectations for the company's strategic restart and product innovation.

02. Jobs and Cook: Two Legendary Eras of Apple

A photo of Cook and Steve Jobs

If Jobs shaped Apple's soul, Cook built its body. Each of them led the company for 14 years, but their core logics were completely different.

The Jobs era (1997–2011) was a revival period driven by innovation. When Jobs returned to Apple in 1997, the company was on the verge of bankruptcy, with a market value of only $2.5 billion. In the following fourteen years, Apple completely changed the consumer electronics landscape with innovative products such as iMac, iPod, iPhone, and iPad: In 1998, the iMac defined that "a home computer can also be a work of art"; in 2001, the iPod started the digital music era; in 2007, the iPhone redefined the mobile phone; in 2010, the iPad created a new form of mobile computing.

These products not only brought huge profits but also made Apple a cultural symbol. From 2004 to 2011, Apple's market value increased 139 times to $344.5 billion. Jobs' strategy was product - centered, design - oriented, and user - experience - based. Every Apple press conference was a "cultural event", but he also left some unsolved challenges: a high - dependence on Asian manufacturing in the supply chain, an overly fast product update rhythm, an unclosed ecosystem, and a fragile profit structure.

The Cook era (2011–2025) was a golden age of order and efficiency. Cook's primary task when he took office was to "stabilize" Apple. He started by optimizing the supply chain, promoting production diversification, and including China, India, Vietnam, and Malaysia in the strategic layout. At the product level, he continued Jobs' product line and added key categories: The Apple Watch launched in 2015 became the world's best - selling smartwatch brand; in 2016, AirPods led the wireless earphone era; in 2020, Apple Silicon marked the success of the self - developed chip strategy; in 2024, Vision Pro opened up a new field of mixed reality.

More importantly, under Cook's leadership, Apple completed an unprecedented business transformation, shifting its revenue structure from "hardware - dominated" to "service - driven". Apple's financial report for the fiscal year 2024 showed that the revenue of the service segment exceeded $96.17 billion, accounting for nearly 24.6% of the total revenue. Apple is no longer just a "device - selling company" but has built a huge ecosystem covering communication, entertainment, payment, and health.

However, the stable system has also made Apple gradually lose its "surprise factor". When OpenAI launched ChatGPT, Google released Gemini, and Tesla demonstrated the Dojo chip, Apple seemed more like a financial institution than an innovation pioneer. Cook won the market with discipline, but innovation has become Apple's scarcest resource.

03. Succession Map: Who Can Lead the $3.77 - Trillion Empire?

Cook's succession plan has always been the biggest mystery in Silicon Valley. Although Apple has never officially confirmed the candidate, the industry generally believes that the company has entered a critical stage of succession planning, and several potential candidates have their own advantages and disadvantages.

John Ternus, Senior Vice President of Hardware Engineering

Currently, the most favored candidate is John Ternus, the current Senior Vice President of Hardware Engineering. He joined Apple in 2001 and participated in the engineering design of core products such as iMac, iPad, iPhone, and AirPods. After being promoted to vice - president in 2013, he led the reshaping of Apple's hardware architecture. In 2020, he promoted the company's full transition from Intel chips to self - developed Apple Silicon.

Ternus is a typical "engineer - type leader". He is low - key, rational, and detail - oriented. Although he rarely appears in public, he is regarded internally as the "new Jony Ive" (Jony Ive, former Chief Design Officer of Apple). His technical expertise in product manufacturing, materials science, heat dissipation design, and energy - efficiency control makes him an ideal candidate to drive Apple back to innovation. At this year's iPhone 17 press conference, Apple for the first time let Ternus be the main speaker and arranged for him to greet the first - batch users at the Regent Street flagship store in London. Analysts believe that this is a symbolic signal for the leadership transition.

Craig Federighi, Senior Vice President of Software Engineering

Another potential candidate is Craig Federighi, the Senior Vice President of Software Engineering. His public image at Apple is almost on par with Cook, and he is one of the most approachable executives in the company. Federighi has been in charge of the development of macOS and iOS systems since 2009, promoting the in - depth integration of Apple's ecosystem. His advantage lies in understanding user experience and software innovation, but his weakness is also obvious: Apple's hardware is still the core of its profit. If the focus in the next stage returns to "product engineering", his competitiveness may decline.

Greg Joswiak, Senior Vice President of Global Marketing

Greg Joswiak, the Senior Vice President of Global Marketing, is an "old - timer" at Apple, having worked there for nearly forty years and experiencing the entire transition from Jobs' return to Cook's era. He is experienced in product positioning and brand storytelling and has led the marketing of iPhone and iPad. However, due to his lack of engineering and technical background, the outside world generally regards him as a "stable but non - disruptive" candidate.

John Giannandrea, Head of Apple's Artificial Intelligence and Machine Learning Team

There are also two "external variables" related to the fields of AI and mixed reality. John Giannandrea, the former head of Google AI, joined Apple in 2018 and led the artificial intelligence and machine learning team. He was originally regarded as a key figure in Apple's AI strategy, but after the release of Apple Intelligence, the response was mediocre, making his position in the top - level power structure unstable.

Mike Rockwell, Head of the Vision Pro Project

In contrast, Mike Rockwell, the head of the Vision Pro project, has become a potential "dark horse" due to his breakthroughs in mixed - reality technology. He led the development of the VisionOS system and is highly trusted by Cook. However, at the age of only 50, he has relatively shallow qualifications, and the possibility of him succeeding as the CEO is relatively low.

Overall, the market and analysts generally believe that Ternus has the highest chance of winning. Bloomberg pointed out in a recent report: "Apple is grooming a new leader with engineering rationality and brand intuition: It is very likely to be John Ternus."

04. Apple's Future: Finding a Balance between Discipline and Curiosity

Cook's era defined the "stable Apple", and in the next era, Apple needs to redefine the "amazing Apple". Cook made Apple the healthiest company in the world: no debt pressure, high gross profit margin, and stable cash flow. However, this "financial perfection" has also weakened the company's adventurous spirit.

In the future, Apple must answer a fundamental question: In the new era where AI, mixed reality, and wearable technology are intertwined, what is its core identity? Should it remain a device company marked by privacy and security? Should it transform into a platform centered on ecosystem and services? Or should it regain its "imagination" and become an innovator leading the future of human - computer interaction?

Currently, Apple is facing double pressure: On the one hand, it feels left behind in the AI revolution. The alliance between Microsoft and OpenAI has rewritten the operating system ecosystem, and Google and Anthropic are aggressively advancing in generative AI. Apple's cautious attitude has worried investors. On the other hand, there is a bottleneck in hardware growth. The iPhone accounts for nearly 52% of the total revenue, but the global smartphone market growth has slowed down. Except for the Chinese market, the replacement cycle in many mature markets has extended to more than four years.

To address these challenges, Apple is accelerating its layout in two major directions: One is wearable and spatial computing. Vision Pro, smart glasses, and health - monitoring devices are regarded as future growth engines. The other is self - developed AI and edge computing. The company is embedding AI capabilities at the chip level to achieve "edge - side intelligence", which means that Apple is no longer pursuing an "AI that competes with others" but an "AI integrated into the device experience".

The return of the brand philosophy is also crucial. Since its inception, Apple has carried the spirit of "Think Different". The Jobs era was a symbol of "counter - culture", while the Cook era represents "global standardization". If Apple wants to continue to lead the tech narrative in the future, it must find a balance between the two.

Cook's departure not only marks the end of an individual chapter but also the re - positioning of the world's most influential brand. When the next Apple CEO steps onto the stage, the whole world will be watching: Can Apple create the "next big thing"?

This article is from "Tencent Technology", author: Wuji. Republished by 36Kr with permission.