Apple may soon be preparing for its biggest leadership change in more than a decade. A report from the Financial Times suggests that Tim Cook may step down as CEO as early as next year, with the company now actively fine-tuning its succession plan. Cook, who turns 65 this month, has led Apple since 2011, when he took over from Steve Jobs. Over the past 14 years, he has turned Apple into a $4 trillion powerhouse, and expanded it far beyond the iPhone into wearables, services and mixed reality devices. But after years of record growth, it appears Cook may soon hand over the leadership reins to a new generation.

Here’s a five-point breakdown of everything we know so far about the potential upheaval.

Apple has started planning for the post-Cook era

According to the FT, Apple’s board and top executives have begun detailed discussions about who will ultimately replace Cook. Although no announcements are expected before the company’s January earnings call, sources say internal planning has stepped up to ensure a smooth transition whenever there is a leadership change.

This is aimed at avoiding uncertainty among investors and employees after Cook’s departure. He has long hinted that his tenure would not last forever, once saying that he “doesn’t see himself still being CEO a decade from now.” With that deadline approaching, the tech giant is preparing for a future beyond its longtime prime.

John Ternes likely to take over as Apple’s next CEO

Leading the list of potential successors is John Ternes, Apple’s senior vice president of hardware engineering. Having joined the company in 2001, Turnus has been a major player behind nearly every major Apple device since the early iPod days.

He currently manages hardware development for iPhones, iPads, Macs, AirPods, and the Apple Silicon program. Apple describes him as someone who “leads all hardware engineering, including the teams behind iPhone, iPad, Mac, AirPods, and more.”

Turnas is internationally known for his restrained style and technical mastery. Before joining Apple, he worked at Virtual Research Systems and graduated from the University of Pennsylvania with a degree in mechanical engineering. If selected, he would become only the sixth CEO in Apple’s history, and the first to come from its modern engineering ranks.

Cook’s reign has been one for the record books

When Cook replaced Steve Jobs in 2011, Apple’s valuation was around $350 billion. Today, that number exceeds $4 trillion, making it the most valuable company on the planet. Under his leadership Apple has expanded beyond hardware, turning services like Apple Music, iCloud and Apple Pay into multibillion-dollar businesses.

He has also championed a more ethical and environmentally conscious Apple, focusing on renewable energy, supply chain transparency and inclusivity. Despite facing challenges such as declining iPhone sales and strict global regulations, Cook’s calm, methodical approach has kept Apple on top of the tech world.

The next leader will inherit an Apple in transition

The next CEO will take charge at a critical moment. Apple is also betting heavily on artificial intelligence, mixed reality, and possibly the long-rumored Apple Car project. Its push into AI and next-gen computing, led by the Vision Pro headset, represents the company’s effort to define the next big platform after smartphones.

Additionally, Apple faces increasing pressure from regulators and tough competition in markets like China. Whoever takes over will need to balance Cook’s operational discipline with a renewed focus on bold innovation, which Apple fans and investors alike will be watching closely.

No comment from Apple, but the writing is on the wall

Neither Tim Cook nor John Ternes have publicly addressed the succession rumors, and Apple has provided no official comment. However, if the report is accurate, the company is already carefully and quietly laying the groundwork behind the scenes, in classic Apple fashion.

For now, Cook remains firmly in charge of overseeing product development and expansion into new territories. But as he nears completion of 15 years as CEO, speculation is rising about his eventual successor.

If the whispers turn out to be true, the next time Apple teases a “one more thing” moment, it might not be a new gadget, but the unveiling of Apple’s next leader.