Tech giant Apple (AAPL) may be getting ready for a major shakeup of its leadership team. Indeed, according to Bloomberg’s Mark Gurman, several top executives are planning to leave, including CEO Tim Cook. The changes began when Chief Operating Officer Jeff Williams stepped back from his daily responsibilities in July and is expected to leave completely by the end of the year. Cook, who turns 65 next month, is also expected to step down, with hardware engineering chief John Ternus seen as the most likely replacement because of his strong reputation and close relationship with Cook.
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Other leaders may soon follow. For instance, John Giannandrea, who leads Apple’s artificial intelligence division, is facing internal issues, and the company is now looking at outside candidates for new AI leadership. In addition, Johny Srouji, who oversees Apple’s hardware technologies, is said to be considering whether or not to stay at Apple. Meanwhile, potential replacements like Zongjian Chen, who runs the modem group, and Sri Santhanam, who works on core device chips, are already being discussed.
Separately, Lisa Jackson, who leads Apple’s environmental programs, has also hinted that she may retire. This wave of departures could have a big impact on Apple’s future. In fact, Tim Cook has played a huge role in Apple’s success since taking over from Steve Jobs, and filling his shoes won’t be easy. As a result, the next group of leaders will need to be chosen carefully in order to keep up with competitors who have been embracing AI more aggressively than Apple.
Is Apple a Buy or Sell Right Now?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on AAPL stock based on 17 Buys, 14 Holds, and two Sells assigned in the past three months, as indicated by the graphic below. Furthermore, the average AAPL price target of $251.24 per share implies 1.5% downside risk.
