Apple is getting serious about succession planning, according to a new report in The Financial Times.

The company’s board and senior executives are reportedly preparing for the possibility that Tim Cook could step down as CEO as soon as early next year. This would come after Apple’s earnings report in late January, giving the new leadership team time to settle into their roles before Apple’s big events like the Worldwide Developers Conference in June.

The 65-year-old Cook has been Apple’s chief executive since Steve Jobs resigned in 2011; he’s now served as CEO for longer than Jobs. Under his leadership, Apple has grown from a market capitalization of $350 billion to $4 trillion, although the company has apparently struggled to find the right direction with AI.

No final decisions have been made about Cook’s successor or the timing of his departure, the FT says. However, Apple’s senior vice president of hardware engineering John Ternus is reportedly seen as the most likely candidate for the company’s next CEO.