Jeff Williams, Once Tipped As Tim Cook's Successor, To Retire From Apple

Jeff Williams, Apple Inc.'s AAPL longtime chief operating officer and a key figure once rumored to be Tim Cook's potential successor, will retire later this year.

What Happened: On Tuesday, in a press release, Apple announced that Williams will transition COO duties to Sabih Khan later this month.

The outgoing COO joined Apple in 1998 and helped architect the company's health strategy and build the supply chain.

“Apple wouldn't be what it is without him,” said Tim Cook, adding, “He's helped to create one of the most respected global supply chains in the world; launched Apple Watch and overseen its development.”

The incoming COO, Khan, a 29-year Apple veteran who currently serves as SVP of operations, will report to Cook. Williams will remain at Apple temporarily to oversee the design team until retirement.

Price Action: AAPL shares inched up 0.072% in after-hours trading, after posting a 0.029% gain during regular hours, according to Benzinga Pro data.

Benzinga's Edge Stock Rankings show that AAPL is trending upward in the short term but downward over the medium and long term. Its quality score remains strong, though its value rating is comparatively weaker. You can find more detailed performance data here.