Apple Announces $58 Million Compensation Package for New CEO John Ternus
Apple disclosed a $58 million pay package for John Ternus, who succeeded Tim Cook as chief executive, and outlined Cook’s new $2 million salary as executive chairman.
Apple filed a securities-exchange disclosure on Tuesday detailing a $58 million compensation package for John Ternus, who officially assumed the chief-executive role from Tim Cook. The package includes a $3 million annual salary and equity awards valued at $55 million, scheduled for fiscal year 2027 beginning in October. Ternus also received a prorated restricted-stock-unit award worth $2.5 million for his service in fiscal 2026.
Apple said 75% of the equity award will be performance-based RSUs tied to the company’s total shareholder return relative to other S&P 500 firms, while the remaining 25% will vest semi-annually over four years. The filing also outlined Cook’s new contract as executive chairman, with a $2 million annual salary effective Sept. 26 and a target equity award of $45 million for fiscal 2027.
Cook, who led Apple for 15 years, will shift his focus to engaging with policymakers worldwide. He led his final earnings call on July 30. Apple announced the leadership change in April, noting that Ternus, a 25-year veteran and head of hardware engineering, worked closely with Cook over the summer to ensure a smooth handoff. Ternus is slated to address the Apple community at a streaming event on Sept. 9 titled “Surprise and Shine.”