Apple CEO Tim Cook on His Way Out?

Apple is preparing for Tim Cook to step down as CEO of the company "as soon as next year," according to the Financial Times.

The company's board of directors and senior executives "recently intensified preparations for Cook to hand over the reins," the report said.

No final decisions have been made, and the timing could change, the report warned.

Cook has been Apple's CEO since August 2011. He turned 65 this year, which is a common age for retirement in the United States, but he has yet to publicly announce any plans to step down. Apple's Senior Vice President of Hardware Engineering, John Ternus, is widely viewed as Cook's most likely successor when the time comes.

Ternus joined Apple in 2001. At 50, he is one of Apple's younger senior executives, so he could potentially have a lengthy run as CEO.

The report said Apple's succession plans are not related to the company's current performance. Apple reported record revenue in the September quarter, and the company expects the current December quarter to be the best quarter in the company's history. In addition, Apple's stock price is near its all-time high.

Even if he steps down as CEO, Daring Fireball's John Gruber speculated that Cook could become Apple's executive chairman on its board of directors.