Apple is reportedly ramping up its succession planning efforts in preparation for Tim Cook to step down as CEO as soon as next year. John Ternus, Apple’s senior vice-president of hardware engineering, is seen as the likely successor. The transition is not related to Apple’s performance, but rather to ensure a smooth handover. The company is not expected to announce a new CEO until late January, after the holiday sales period. Cook, who took over as CEO in 2011, has overseen Apple’s market cap grow from $350 billion to $4 trillion. The timing of the announcement could still change.

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