New Delhi, Nov 15 : US tech giant Apple's Senior Vice-President of hardware engineering, John Ternus, is viewed inside the company as a leading contender to succeed Chief Executive Tim Cook, who is set to step down in early 2026, a report said on Saturday.

Appleâ??s board and senior leaders have accelerated its succession plans and increased focus on a smooth leadership transition as the company prepares for Tim Cook's resignation after 14 years at the helm of the $4 trillion tech giant, the report from Financial Times said, adding that no final decision has been made.

If appointed, Apple would get a hardware-focused leader in Ternus when it seeks expansion into new product categories to keep pace with Silicon Valley competitors in AI.

The move is not tied to Appleâ??s current performance, as the company expects a strong yearâ??end sales season, particularly for the iPhone.

Apple is unlikely to appoint a new CEO before its earnings report in late January, the report said.

It noted that the company would allow the successor time to settle ahead of the Worldwide Developers Conference in June and the iPhone launch in September.

Cook, who turned 65 this month, became Apple's CEO in 2011 after co-founder Steve Jobs passed away. Under his leadership, Appleâ??s market value grew from around $350 billion in 2011 to $4 trillion.

Appleâ??s stock nears a record high with a 12 per cent annual gain following strong results last month. But Appleâ??s gains trail US rivals like Alphabet, Nvidia, and Microsoft, which have soared amid investor enthusiasm for artificial intelligence.

Apple recorded its highest-ever quarterly shipments in India in the third quarter of 2025 (Q3 2025), reaching 5 million units and securing the fourth position in the market for the first time.

/IANS