Apple's Ternus, Cook Receive Massive Compensation Packages Amid Leadership Transition
Apple's incoming CEO, John Ternus, is set to receive a compensation package of $58 million for the 2027 fiscal year. This figure includes a base salary of $3 million and $55 million in stock awards. The stock awards are divided into performance-based restricted stock units (RSUs) tied to the total shareholder return (TSR) relative to the S&P 500 index, and time-based RSUs vesting over four years.
Current chairman Tim Cook will receive a base salary of $2 million, a reduction from his previous role as CEO, along with $45 million in stock awards. His stock awards are split evenly between performance-based and time-based shares. During his 15-year tenure as CEO, Cook grew annual revenue to nearly $500 billion and drove Apple's stock price up by more than 2,200%.
The compensation packages for Ternus and Cook were disclosed on the first day of Ternus's tenure as CEO. While Apple did not release details on cash bonuses, Bloomberg reported that top executives typically receive about twice their base salaries in combined salary, stock, and bonuses.