Apple Sets $58 Million Pay Package for New CEO John Ternus

Apple has set a hefty compensation package for new CEO John Ternus, worth around $58 million in fiscal 2027. The move comes as Tim Cook steps down to become executive chairman, with a target pay package of about $47 million.

Ternus, who took over on his first day as CEO, will receive an annual base salary of $3 million and a stock award with a target value of $55 million for fiscal 2027. This means that around 75% of the award will be tied to Apple's performance relative to other companies in the S&P 500.

Cook, on the other hand, will receive an annual base salary of $2 million as executive chairman, down from $3 million as CEO. His fiscal 2027 stock package has a target value of $45 million, taking his total target compensation to around $47 million.