Key facts
- Tim Cook has stepped down as Apple CEO and is now executive chairman.
- John Ternus has been appointed as Apple's new CEO.
- Cook's new role includes a $2 million salary and an annual equity award targeting $45 million.
- Ternus will receive a $3 million salary and $55 million in stock awards for his first year as CEO.
- Apple's stock saw a nearly 2,300% increase during Cook's 15-year tenure as CEO.
Tim Cook has stepped down as Apple's CEO after 15 years, transitioning to the role of executive chairman. John Ternus has taken over as CEO. Cook's new position comes with a $2 million salary and an annual equity award with a target value of $45 million for fiscal 2027, with half tied to Apple's relative shareholder performance and the other half vesting over four years. This compensation is a shift from his previous CEO earnings, which were around $74 million annually, including bonuses.
Ternus will receive a $3 million annual salary and restricted stock valued at $55 million for his first year as CEO, with 75% tied to Apple's performance and 25% vesting over four years. The company did not disclose bonus information for either executive.
Cook's continued role as chairman, similar to Warren Buffett's transition at Berkshire Hathaway, signals his ongoing importance to Apple. During Cook's tenure, Apple's stock price surged by nearly 2,300%, from approximately $13 to $317. His leadership also saw the scaling of manufacturing, strengthening of the supply chain, and successful engagement with the Chinese market. Cook's established relationships with President Donald Trump and the Chinese government may also be leveraged by Ternus as he addresses challenges such as defining Apple's AI strategy and retaining talent.