Apple has unveiled a compensation package worth roughly $58 million for John Ternus, who officially became the company’s CEO on Tuesday, succeeding longtime chief executive Tim Cook.
According to a Securities and Exchange Commission filing, Ternus’s package includes a $3 million annual base salary along with an annual equity award targeted at $55 million to be granted in fiscal 2027, which begins in October.
He also received a prorated restricted stock unit award worth $2.5 million to cover his partial year of service as CEO during fiscal 2026.
Of Ternus’s annual equity award, 75% will consist of performance-based restricted stock units tied to Apple’s total shareholder return relative to other S&P 500 companies, with the remaining 25% vesting on a fixed schedule over four years in semiannual installments.
Cook, who transitions into the role of executive chairman effective September 26, will receive a $2 million annual salary alongside an equity award targeted at $45 million for fiscal 2027, split evenly between performance-based and time-based restricted stock units, bringing his total compensation in the new role to roughly $47 million.
For comparison, Cook’s total compensation last year as CEO was approximately $74.3 million, including salary, stock awards, incentives and other compensation.
Ternus joined Apple in 2001 and rose through the ranks of the company’s product design and hardware engineering teams, becoming senior vice president of hardware engineering in 2013 before ultimately being tapped to lead the company.
He’s set to formally introduce himself to the broader Apple community at a special streaming event on September 9, dubbed “Surprise and Shine.”
