2025 hasn’t been kind to Apple. Sales are slumping in China, the company’s AI efforts are lagging behind rivals, and investors are beginning to get antsy. Whispers about CEO Tim Cook stepping down have only grown louder. But according to a detailed report from Bloomberg’s Mark Gurman, there’s one thing the tech giant isn’t planning just yet, i.e. replacing Tim Cook.

At 64, Cook is still firmly in control. He’ll turn 65 in November and, by all indications, could lead Apple for at least five more years. That would take his tenure well into his 70s, similar to other corporate mainstays like Bob Iger at Disney or Jamie Dimon at JPMorgan Chase. Gurman notes that even as Apple wrestles with a shaky innovation pipeline and a rapidly shifting tech landscape, the board isn’t looking for an exit strategy. Cook has delivered a 1,500% increase in Apple’s market cap since taking over from Steve Jobs in 2011. That kind of track record buys loyalty.

But while Cook isn’t going anywhere, his leadership bench is thinning fast.

Apple’s longtime COO Jeff Williams, widely seen as Cook’s natural successor, is retiring later this year. That alone would be a major shake-up. But he’s just the beginning.

Half of Cook’s roughly 20 direct reports are now in their 60s. Chief Financial Officer Luca Maestri is in the process of stepping down. Hardware veteran Dan Riccio is already out. Marketing head Greg Joswiak, chip chief Johny Srouji, and services boss Eddy Cue are all nearing retirement age.

Sabih Khan, Apple’s supply chain lead, is expected to take over the COO title. But insiders aren’t convinced he’s being groomed for the top job. Same goes for Apple’s new CFO Kevan Parekh, who’s managing a range of responsibilities but isn’t seen as CEO material.

That leaves one internal candidate who checks most of the right boxes: John Ternus. At 50, Apple’s hardware lead has been shaping the company’s product portfolio for over a decade. He’s known internally as the “product guy", a fitting label for a company that built its empire on industrial design and customer obsession. But there’s a catch: Ternus lacks experience in finance and operations. If he’s to take over, he’ll need a strong support system or some serious fast-tracking.

Despite looming retirements, Apple hasn’t begun formally training or preparing any one person to take the CEO seat. Instead, what’s happening is a gradual reshuffling of responsibilities under Cook’s watchful eye.

Sabih Khan is expanding his portfolio to include AppleCare. Fitness+ has been moved under the Services group. Health hardware and watchOS now report to software head Craig Federighi. Even Apple’s famously siloed design teams are being restructured to report directly to Cook, a throwback to the Jobs era.

Meanwhile, the Vision Pro team is being broken up and spread across hardware and software. And Apple’s China business, increasingly volatile in a tight regulatory environment, will now be overseen directly by Cook and Khan.

These moves aren’t just about operational efficiency; they’re a quiet admission that Apple needs to hit reset before things start to spiral. Cue reportedly warned internally that without major change, Apple risks ending up like BlackBerry or Nokia.

Could a Surprise CEO Come From Outside?

There’s always a long-shot possibility of a radical move, like acquiring a major AI startup and installing its founder as a future CEO. But that’s not Apple’s style. The company has historically avoided big, splashy M&A. Betting the future of the company on someone outside the Apple ecosystem would break with everything the board and Cook have done for the past decade.

Adding to speculation about Cook’s long-term grip is the fact that Apple’s chairman, Arthur Levinson, has already passed the company’s recommended board retirement age. If he steps down, some believe Cook could take on that role as well, consolidating power even further. That would echo moves by Iger at Disney or Nadella at Microsoft.

Despite the recent turbulence, Cook’s personal finances remain rock solid. In 2024, he took home a compensation package worth around Rs 610 crore ($73 million), with the bulk coming from stock awards. His base salary? Just $30. According to Forbes, his net worth sits at $2.4 billion (over Rs 20,000 crore) as of March 2025.