It’s been a pretty big year for Apple ( AAPL ). The company reported record revenue on the back of strong iPhone sales. The Services business continued its impressive growth, reaching $109.2 billion in sales. And its market cap has surpassed $4 trillion, joining Nvidia ( NVDA ) as the second company to reach that milestone.
But the company is also facing major changes in its executive ranks. CFO Jeff Williams retired – previously considered the top choice to take over the mantle of CEO after Tim Cook eventually stepped down.
Head of Government Affairs Lisa Jackson and General Counsel Kate Adams are retiring at the end of January and at the end of 2026, respectively.
And then there’s AI chief John Giannandrea and VP of design Alan Dye. Giannandrea is stepping down and handing over Apple’s AI efforts to Amar Subramanya, who previously worked on AI initiatives at Google ( GOOGL , GOOG ) and Microsoft ( MSFT ).
Meanwhile, Dye let Apple run Meta’s (META) Reality Labs new design studio.
All of this comes as Cook is reportedly grooming senior vice president of hardware engineering John Ternus to take over as CEO when he leaves.
It all adds up to an apple in flux as it transforms for a post-Cook era. According to the Financial Times, Cook could step down as early as 2026. Meanwhile, Bloomberg’s Mark Gurman said there is still no firm timetable for when Cook will leave his post.
Regardless of when exactly, Apple will eventually have to say goodbye to Cook, and 2025 has helped the company prepare for its biggest change in years.
Apple shares fell in premarket trading on Wednesday.
Cook, who joined Apple in 1998, took over as CEO 14 years ago after the death of founder Steve Jobs. Jobs turned around an ailing Apple when he returned to the company in 1997 after being fired in 1985. He subsequently launched a series of innovative products, including the iPod and iPhone, which continue to bring in the majority of Apple’s revenue.
Cook continued that success during his time at the company’s helm, overseeing the debut of the Apple Watch and AirPods, as well as the explosion of Apple’s services business. He also pushed Apple to use its own chips in its products, giving the company more control over the design and functionality of its devices.
That, along with Cook’s savvy skills as a negotiator, has helped Apple weather a series of crises, including run-ins with the US Department of Justice, the COVID-19 pandemic and President Trump’s ongoing trade war with China. Ultimately, Trump exempted smartphones and certain other technology products from his tariffs on Chinese goods.
