Apple’s new chief executive, John Ternus, is receiving a pay package with $58 million in salary and target stock awards, while Tim Cook will receive a $47 million package as executive chairman, according to a Securities and Exchange Commission filing disclosed on 1 September 2026.
Ternus, 51, has a base salary of $3 million a year and an annual equity award with a $55 million target value beginning in fiscal 2027. The package gives Apple’s incoming chief executive a higher target value than Cook’s package as chairman.
Three-quarters of Ternus’s equity award, or $41.25M, consists of performance-based restricted stock units. The remaining 25%, or $13.75M, is in time-based restricted stock units. Those shares vest at 12.5% every six months over four years.
Cook’s base salary will be $2 million a year, effective 26 September. His fiscal 2027 equity award has a $45 million target value, split equally between performance-based and time-based awards.
Cook will receive $22.5M in performance-based equity and $22.5M in time-based restricted stock units. His time-based shares also vest at 12.5% every six months over four years.
Apple announced the leadership transition in April. Ternus joined the company in 2001 and became senior vice president of hardware engineering in 2021.
His first major product launch as chief executive is scheduled for 9 September at Apple’s Cupertino, California campus. Apple is expected to unveil new iPhones, Apple Watches and a rebuilt Siri voice assistant powered by large language models.
Cook led Apple for 15 years, during which the company’s market capitalisation grew to $4 trillion. Apple’s annual revenue climbed to more than $416 billion in fiscal year 2025.
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