It’s been an extraordinary year for Apple (AAPL). The company posted record revenue thanks to strong iPhone sales. Its services business continued its impressive growth, with sales reaching $109.2 billion. Its market capitalization exceeded $4 trillion, becoming the second company after Nvidia (NVDA) to reach this milestone.
But the company also faces significant changes in its executive ranks. Chief Financial Officer Jeff Williams is retiring — after being considered the top candidate to take over as CEO when Tim Cook eventually steps down.
Lisa Jackson, director of government affairs, and Kate Adams, general counsel, will retire at the end of January and 2026, respectively.
Then there’s John Giannandrea, head of artificial intelligence, and Alan Dye, vice president of design. Giannandrea is retiring and will hand over Apple’s AI efforts to Amar Subramanya, who previously worked on AI projects at Google (GOOGL, GOOG) and Microsoft (MSFT).
Meanwhile, Dye left Apple to lead the new design studio Meta (META) Reality Labs.
Cook is reportedly preparing senior vice president of hardware engineering John Ternus to take over as CEO after his departure.
It all points to Apple’s constant changes as it transitions to the post-Cook era. According to the Financial Times, Cook may resign as early as 2026. Meanwhile, Bloomberg’s Mark Gurman says there’s still no firm timetable for when Cook will leave.
Regardless of the exact date, Apple will eventually have to say goodbye to Cook, and 2025 helps prepare the company for its biggest change in years.
Cook joined Apple in 1998 and took over as CEO after the death of founder Steve Jobs 14 years ago. After being fired in 1985, Jobs returned to Apple in 1997 and turned around the troubled company. He went on to launch a series of breakthrough products, including the iPod and iPhone, which continue to generate the majority of Apple’s revenue.
Cook has built on that success during his time at the company, overseeing the debut of the Apple Watch and AirPods and the explosive growth of Apple’s services business. He has 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, coupled with Cook’s adept abilities as a negotiator, has helped Apple weather a series of crises, including a showdown with the U.S. Department of Justice, the COVID-19 pandemic and President Trump’s ongoing trade war with China. Trump ultimately exempted smartphones and certain other technology products from tariffs on Chinese goods.
