A ccording to the Financial Times, Tim Cook could step down as Apple CEO as early as next year. And the board has started to seriously work out a succession plan. FT says that John Ternus, Apple’s senior vice-president of hardware engineering, is considered the frontrunner for the position.

Apple is reportedly gearing up for a new chapter as Tim Cook prepares to step down as CEO, with insiders hinting that this change might occur as soon as next year.