(Reuters) -Apple ( AAPL ) 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 ( AAPL ) 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 ( AAPL ) did not immediately respond to a Reuters request for comment.