Apple’s chief operating officer plans to hand the role off this month and retire later this year after roughly a decade as the tech giant’s No. 2 under Chief Executive Tim Cook.

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Mr. Williams was long considered a leading candidate to replace Tim Cook as the company’s next chief executive.

John Ternus, once a relatively low-profile executive at Apple, is now considered by the rumor mill as the leading candidate to succeed CEO Tim Cook. His rise comes in the wake of COO Jeff Williams's retirement announcement—an event that has reshuffled expectations within Apple's leadership ranks.

The legendary Apple design team hasn't had much luck holding onto leadership since Jony Ive left, and with COO Jeff Williams retiring, the leadership role will shift to CEO Tim Cook.

Apple’s most worrisome weaknesses are on display, from a lackluster AI strategy to a string of executive departures.