After serving as CEO for 14 years, Cook may step down as early as next year, the report said.
The succession preparations have been long-planned and are not related to the company’s current performance, which is expecting strong end-of-year sales, people close to Apple told the FT.
Apple did not immediately respond to Fortune’s request for comment and declined to provide a comment to the FT.
Ternus would take the helm of the tech giant at an important time in its evolution. Although Apple has seen sales success with iPhones and new products like Airpods over the past couple of decades, it has struggled to break into AI and keep up with rivals.
The company is also dealing with increased competition from one of its most influential former employees.
Cook, Apple’s former operations chief, turned 65 this month. He has grown the company’s market capitalization to $4 trillion from $350 billion in 2011, when he took over the CEO role from company co-founder Steve Jobs.
Apple has also dealt with tariff complications as U.S.-China trade tensions have disrupted its supply chain.
Cook has previously said he’d prefer an internal candidate to replace him, adding that the company has “very detailed succession plans.”
