For Apple (AAPL), 2025 marks a pivotal year. Bolstered by strong iPhone sales, the company achieved record-breaking revenue, while its services segment continued impressive growth, reaching $109.2 billion in sales. Apple's market capitalization also surpassed $4 trillion, making it the second company after Nvidia (NVDA) to join the elite $4 trillion club.
However, Apple's leadership is undergoing significant changes. CFO Jeff Williams, long considered the top candidate to succeed Tim Cook as CEO, announced his retirement. Government affairs head Lisa Jackson and General Counsel Kate Adams will also retire in early and late 2026, respectively.
Further departures include AI chief John Giannandrea and design VP Alan Dye. Giannandrea’s role will be taken over by Amar Subramanya, a former Google (GOOGL, GOOG) and Microsoft (MSFT) executive with deep AI expertise. Dye, meanwhile, left to lead Meta’s (META) Reality Labs design studio.
Sources indicate Cook is grooming hardware engineering SVP John Ternus as his successor. These shifts signal Apple’s transition into the post-Cook era, though his exact departure timeline remains unclear—reports suggest as early as 2026.
**Cook’s Legacy at the $4 Trillion Giant** Cook joined Apple in 1998 and took the helm in 2011 after Steve Jobs’ passing. Under his leadership, Apple launched the Apple Watch and AirPods, expanded services, and transitioned to in-house chips, tightening control over its ecosystem. His strategic acumen navigated challenges like U.S. antitrust scrutiny, the pandemic, and trade wars—with iPhones notably exempted from Trump-era tariffs.
Apple’s market cap soared from $1 trillion in 2018 to $4 trillion in 2025, with FY2025 revenue hitting $416 billion. Plans for 2026 include a foldable iPhone debut and a budget laptop to broaden its consumer base—though the latter may sacrifice margins for long-term service revenue growth.
**Challenges Ahead** If Ternus succeeds Cook, he’ll inherit a thriving yet pressured Apple. While its loyal user base sustains device upgrades and service subscriptions, Wall Street demands clearer AI advancements—particularly a next-gen Siri. Competition in smart glasses from Meta, Google, and Samsung (005930.KS) also looms.
For now, Cook remains at the helm—but whether 2026 brings a leadership shift remains to be seen.
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