Tim CookSource: Apple

What you need to know

  • Apple CEO Tim Cook has been in the job for 10 years.
  • A new report claims Cook wants to announce one more major product before stepping down.
  • The rumored AR/VR headset could be the product that signals the beginning of the end for Cook.

Apple CEO Tim Cook has been in the role for 10 years and has taken Apple to heights that many may have thought impossible not too long ago. But no CEO stays in their job forever, no matter how successful they are — and it's now being reported that Cook is hanging around for one more big product announcement before moving on.

According to Bloomberg's Mark Gurman, writing in his weekly Power On newsletter, Cook is almost ready to hand the reigns over to someone else — he just wants to announce one big product before that happens.

But there are signs that's not likely. The belief inside Apple is that Cook just wants to stick around for one more major new product category, which is likely to be augmented reality glasses rather than a car — something that's even further out. He also understands that running a Silicon Valley company is typically a young person's game, and he's not going to stay far beyond his prime.

Gurman then goes on to suggest the product that will see Cook move on could be the rumored AR/VR headset rather than the Apple Car project — whatever that turns out to be.

The headset is something that appears to be much closer to production and release, whereas Apple Car has the feel of something that could still be ten years out. Cook has already said he doesn't expect to be in the hot seat a decade down the line. Notably, Gurman notes that Cook's current deal runs out in 2025. Rumors of a release date for Apple's AR/VR headset put it squarely in that timeframe.

As for who takes over, Gurman suggests that there are four main contenders for the role; Jeff Williams, Greg Joswiak, Deirdre O'Brien, and John Ternus.

Long before any of this happens, Apple and Cook still have iPhone 13 to announce. It might not be as exciting as an electric car, but it will undoubtedly be the best iPhone the company has ever shipped. All eyes are on the first week of September to see when the big announcement will be scheduled for.