Apple's Leadership Transition Completes with Ternus as New CEO

Apple Inc. has completed its leadership transition, with Tim Cook stepping down as CEO and John Ternus assuming the top role. Cook will become executive chairman, receiving a $47 million compensation package for fiscal 2027. The handoff marks the end of Cook's 15-year tenure, during which he grew Apple's market value from below $350 billion to roughly $4.6 trillion.

Cook's target compensation includes a $2 million annual salary and a $45 million equity award. This is a significant reduction from his recent payouts of approximately $74 million in both fiscal 2024 and fiscal 2025. Cook will continue assisting with certain company matters, including engagement with policymakers around the world.

Ternus receives a $3 million salary and a $55 million target equity award, with 75% tied to shareholder returns relative to S&P 500 peers. His equity structure is heavily performance-linked, with the remaining 25% vesting over four years.