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Benzinga
Tim Cook is stepping into a new role as Apple ($AAPL) executive chairman with a compensation package worth about $47 million, signaling that he will remain heavily involved even after leaving the CEO position.
Apple disclosed that Cook will receive a $2 million annual salary and a target equity award worth $45 million for fiscal 2027.
The package is lower than Cook’s recent compensation, which was roughly $74 million in both 2024 and 2025, but it is still unusually large for a former CEO serving as chairman.
Cook is expected to continue helping Apple on major strategic issues, including relationships with governments and policymakers. His ties with the Trump administration and Chinese officials could remain particularly important.
New CEO John Ternus will receive an even larger package, with a $3 million salary and a $55 million annual equity award, bringing his target compensation to about $58 million.
Roughly 75% of Ternus’ equity award will be performance-based and tied to Apple’s shareholder returns relative to other S&P 500 companies. The remaining 25% will vest over time.
The leadership transition marks only Apple’s second CEO change this century. Cook led the company for 15 years and oversaw its growth into a roughly $4.5 trillion technology giant.
Ternus, a 25-year Apple veteran with a hardware engineering background, now takes over day-to-day leadership while Cook remains close to the company. His first major public test will come at Apple’s upcoming iPhone launch event.
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