Tim Cook, who just turned 65, has been in charge since 2011, taking up the position after the death of co-founder Steve Jobs. After more than 14 years running the show and taking the company’s value from $350 billion to $4 trillion, his time as boss may be up. While announcements have not yet been made, the most likely name being floated is John Ternus, the individual running hardware engineering.

People with knowledge about the process allegedly say he’s leading the shortlist, though no decision has been finalized. Tim has made it clear in past interviews that he wants someone from inside the company to take over. In an interview with singer Dua Lipa in November 2023, Tim said, “I love it there and I can’t envision my life without being there, so I’ll be there a while.” From the looks of things, that “while” might be shorter than most expected.

Apple to plan timeline around key 2025 events

Apple leadership isn’t planning to reveal anything before the company reports earnings in late January, though, since that will include performance from the all-important holiday sales period. But those close to the talks believe that if Apple announces a change early in the year, it’ll give the next CEO time to get comfortable before the June developer conference and the September iPhone launch.

Both events are massive milestones for the company and the public face of its annual product strategy. Even with preparations in motion, the timing could still shift. But the activity behind the scenes is louder than ever. This year alone, Apple lost two major execs. Luca Maestri, Tim’s longtime finance guy, stepped down as chief financial officer at the start of the year.

Then Jeff Williams, who many thought would be the next in line, announced in July that he was also stepping down as chief operating officer. Both exits cleared the path for someone new, and Ternus might be the next one in line. Choosing Ternus would bring a hardware person to the top again, something the company hasn’t seen in a while.

It also comes at a moment when Apple is having trouble breaking into new product areas and has fallen behind in the AI race, especially when compared to Alphabet, Microsoft, and Nvidia. All three have seen their stocks soar thanks to AI hype, while Apple has only managed a 12% gain this year, despite strong recent earnings.

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Donald Trump is expected to be the one to announce the new Apple pledge at an event at the White House, one that would be graced by Cook. The plan includes setting up a new domestic manufacturing program that will pull more of the company’s supply chain into the United States. This is expected to include building and assembling more critical components locally to avoid new trade penalties.

This new development also comes after an earlier $500 billion promise by Apple. It is expected to cover certain areas like a server manufacturing site in Houston, a supplier training center in Michigan, and more money moving to existing vendors in America. This new pledge puts the company’s total investment at $600 billion.

Apple intends to hold its ground as Trump raises tariffs

According to Taylor Rogers, the spokesperson at the White House, the investment is tied directly to Trump’s economic goals. “Today’s announcement with Apple is another win for our manufacturing industry that will simultaneously help reshore the production of critical components to protect America’s economic and national security,” Rogers said.

Apple saw its stock rise 6% after the pledge on Wednesday, with the jump tying its biggest intraday gain since February. Meanwhile, Trump has also signed another executive order, adding a 25% tariff on goods from India in response to purchases of oil from Russia. The tariff is coming at a time when a separate 25% duty was already scheduled to hit the next day.

Apple’s reliance on India for iPhone assembly makes it a direct target. According to reports, Trump has repeatedly pushed Apple to move full iPhone manufacturing to U.S. factories. Earlier this year, after a meeting with Cook, Trump threatened a 25% tariff if the company didn’t act. While officials have floated ideas like robotics for U.S. assembly, Cook has focused more on securing tariff exemptions. He did this successfully during Trump’s first term and has been working to do it again.

Cook could urge Trump for an exemption

During a call with analysts last week, Cook mentioned that “the vast majority” of iPhones sold in the U.S. are still made in India. He added that other products, such as MacBooks, iPads, and Apple Watches, come from Vietnam. “We obviously try to optimize our supply chain,” Cook said. “And ultimately, we will do more in the United States.” Cook also mentioned that Apple has taken an $800 million hit from tariffs in the last quarter, noting that he expects the number to rise to $1.1 billion by the end of September unless there are changes.

However, the pressure is just increasing. Trump is now prepared to target all products with semiconductor chips with new levies, which could drop as soon as next week. He’s also expanding country-specific tariffs that will hit dozens of trade partners on Thursday. However, Trump’s track record with Apple shows a pattern. During his first term, Cook managed to get several of Apple’s products exempted from import duties. If he can pull that off again, it could help Apple avoid price hikes that would squeeze its margins, or worse, give competitors like Samsung a pricing advantage.

The initial $500 billion investment that Apple announced in February also came with a promise to add 20,000 jobs, but the numbers were not much beyond what it announced in its previous plans. That pledge only added $39 billion and around 1,000 jobs per year. The extra $100 billion is meant to reinforce its U.S. ties ahead of a broader trade crackdown. The Apple news fits into a string of public investment rollouts from the Trump administration. Earlier this year, Trump hosted a joint announcement with Oracle, SoftBank, and OpenAI, revealing a $100 billion investment in AI data centers with plans to hit $500 billion.

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