Apple sets $58M pay package for new CEO John Ternus

Apple ↗ 0.69% disclosed the compensation packages for its new chief executive and outgoing leader on Tuesday, the first day of the company's long-planned leadership transition. New CEO John Ternus will receive a target pay package worth roughly $58 million for fiscal 2027, while Tim Cook, now serving as executive chairman, will earn about $47 million — a steep decline from the $74.3 million he took home in 2025.

Ternus Takes the Reins

The details came in a Securities and Exchange Commission filing released Tuesday afternoon, as Ternus formally assumed the CEO role after serving as Apple's senior vice president of hardware engineering. His fiscal 2027 compensation includes a $3 million base salary and an annual equity award with a target value of $55 million. A quarter of the restricted stock units are time-based and will vest semiannually over four years, while the remaining 75 percent will vest based on Apple's total shareholder return relative to other S&P 500 companies. For fiscal 2026, Apple also granted Ternus a prorated RSU award targeting $2.5 million.macrumors+2

Ternus' previous compensation as a senior vice president was not publicly disclosed, making this the first look at his pay as a top Apple executive.macrumors

Cook's New Chapter

Cook's move to executive chairman comes with a reduced role and a reduced paycheck. His new base salary is $2 million, down from $3 million, and he will receive an equity award with a target value of $45 million in fiscal 2027. Half of Cook's grant will come as time-based RSUs vesting over four years, with the other half tied to Apple's stock performance. Should Cook retire on or after the first anniversary of the grant date, his equity will still vest, though he will not receive the shares until the originally scheduled dates.bloomberg+1

A Transition Long in the Making

Apple announced the succession plan in April, filing an 8-K with the SEC disclosing that Cook would step aside on September 1, 2026, and that Ternus would take over as CEO and join the board. The transition closes a chapter on Cook's 15-year tenure atop the world's most valuable public company, during which executive pay drew recurring scrutiny from shareholders. Ternus' $58 million target, while lower than Cook's most recent full-year haul, places him firmly among the highest-paid chief executives in corporate America.Stock Titan