Apple Inc. has announced compensation packages for the new CEO John Ternus and Tim Cook, who is moving to the role of Executive Chairman. According to documentation filed with the Securities and Exchange Commission on Tuesday, upon Ternus's first day in the role, his compensation package for the 2027 fiscal year will be approximately $58 million, while Tim Cook's role will be valued at around $47 million.
The new CEO will receive an annual base salary of $3 million and stock with a target value of $55 million next year. Ternus, aged 51, will receive a proportional amount of restricted stock worth about $2.5 million in the 2026 fiscal year, which ends in September. Three-quarters of his bonus package will depend on Apple's performance compared to the S&P 500 index, and the remaining 25 percent will be tied to semi-annual vesting stocks.
Under his new role, Cook's salary will decrease from $3 million to $2 million, and his target stock value for 2027 will be $45 million. Furthermore, his compensation will be less dependent on Apple's performance, as only half will be linked to the S&P 500. Previously, in 2025, Cook's total compensation package as CEO was $74.3 million.
Apple has never previously disclosed Ternus's compensation for his former position as Senior Vice President of Hardware, but at this management level, approximately $25 million is usually paid annually, including stock, salary, and bonuses. The filing from Tuesday did not specify the size of potential cash bonuses for executives, although they typically amount to about twice the base salary. The Cupertino, California-based company usually provides more detailed information before shareholder meetings at the beginning of the year.