New Delhi, Nov. 15 -- Apple CEO Tim Cook may step down from his role as early as next year, forcing the smartphone giant to step up its succession planning efforts, according to a new report by the Financial Times.

People familiar with inside developments told the newspaper that Apple's board and senior executives had recently intensified preparations for Cook to hand over his baton after serving as the CEO for more than 14 years.

He joined the company at Steve Jobs' request after leaving his job at Compaq, and helped it out of financial distress by improving its supply chain and manufacturing processes thereby reducing costs.

Tim Cook took over as Apple CEO in 2011 after Silicon Valley legend Steve Jobs resigned from the post.

Since ...