Apple is stepping up its succession planning efforts as it prepares for Tim Cook to step down as chief executive as soon as next year, the Financial Times reported on Friday.

John Ternus, Apple's senior vice president of hardware engineering, is widely seen as Cook's most likely successor, the FT reported, citing several people familiar with discussions.

Apple did not immediately respond to a Reuters request for comment.

Cook, who turned 65 this month, assumed the top job in 2011, succeeding co‑founder Steve Jobs shortly before his death. Under Cook, Apple’s market capitalisation has soared from roughly $350bn to about $4tn.

The shares sit near record highs following stronger‑than‑expected results last month, though Apple’s near 12% gain this year trails Big Tech peers Alphabet, Nvidia and Microsoft, whose valuations have been buoyed by investor enthusiasm for artificial intelligence.