Apple Names John Ternus New CEO, Tim Cook Takes Executive Chairman Role

John Ternus has taken over as Chief Executive Officer of Apple Inc., marking the end of Tim Cook's 15-year tenure. The company has disclosed the executive pay packages for both leaders in a filing with the US Securities and Exchange Commission.

Ternus will receive a compensation package worth around $58 million for fiscal 2027, including an annual base salary of $3 million. He will also receive a stock grant with a target value of $55 million next year, as well as a prorated amount of restricted stock units worth about $2.5 million for 2026.

Cook's compensation as executive chairman is slated at roughly $47 million, with his annual salary decreasing from $3 million to $2 million in his new position. His target value of the 2027 stock package is valued at $45 million.