Apple's Leadership Shift: Cook Steps Down, Ternus Takes Over

Apple's leadership has undergone a significant change as Tim Cook prepares to step down from his role. He will assume the position of Executive Chairman, receiving an annual salary of $2 million, down from $3 million previously.

Cook's new compensation package includes a fiscal 2027 stock award with a target value of $45 million. However, half of this amount is tied to Apple's performance relative to the S&P 500 index.

Meanwhile, John Ternus will take over as Apple CEO and will receive a pay package worth $58 million in 2027.