Apple CEO Tim Cook could step down next year: report

Apple is intensifying its succession planning as it prepares for Tim Cook to step down from his role as chief executive as soon as next year, according to a Financial Times report.

Citing people familiar with the discussions, the report states that the company's board and senior executives have recently increased their preparations for a leadership transition. Cook has served as CEO for more than 14 years, having taken over from the company's co-founder, Steve Jobs, in 2011.

John Ternus, Apple's senior vice president of hardware engineering, is widely viewed as the most likely candidate to succeed Cook, the report said. However, an official announcement is considered unlikely to occur before Apple's next earnings report in late January.