Apple Inc AAPL 0.72%CEO Tim Cook has been leading the tech giant for the last ten years, and a report suggests he "probably" won't be with the company in another ten years' time.
What Happened:The Apple Insider has reported, quoting Bloomberg's Mark Gurman's "Power On" newsletter, that Apple employees think Cook will stay around for one more major new product category before stepping down as CEO.
"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," writes Gurman.
In December 2020, Reuters reported Apple is aiming to launch an autonomous electric vehicle in 2024.
"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 added.
In April, when asked about staying with Apple for a decade, Cook said, "Ten more years? Probably not. But I can tell you that I feel great right now and the date is not in sight. But ten more years is a long time — and probably not ten more years."
Gurman speculates that Cook will retire sometime between 2025 and 2028. He added that Cook's pay deal would also expire in 2025.
Why It Matters:Just ten years ago,Tim Cook took over as CEO of Apple for iconic visionary Apple co-founder Steve Jobs. At Jobs' departure, some investors and analysts were skeptical of Cook's ability to fill Jobs' shoes.
Apple integrated its popular voice assistant Siri into the iPhone 4S in 2011. In 2014, Apple unveiled the Apple Watch. In 2015, it launched the streaming service Apple Music. The iPhone X in 2017 came with facial recognition software, a 3D camera, and wireless charging capabilities.
In 2019, Apple launched the streaming video service Apple TV+. Apple has also been working on its secret "Project Titan" auto project at an undisclosed location since 2014.
Apple shares have generated a total return of roughly 1,210% in the past decade.
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