Apple's Ternus Inherited $58M Compensation Package
Apple's new Chief Executive Officer (CEO) John Ternus is set to receive an impressive compensation package worth US$58 million. This includes a base salary of US$3 million per annum, which will be increased from next year.
The lion's share of Ternus' remuneration comes in the form of an annual equity award with a target value of US$55 million. Notably, three-quarters of this award will be tied to Apple's stock performance against the S&P 500 index. The remaining quarter will be in the form of time-based restricted stock units that vest twice a year.
Former CEO Tim Cook, who has taken on the role of Executive Chairman, will see his annual salary reduced to US$2 million from September 26. Additionally, he will receive an equity award with a target value of US$45 million in fiscal 2027. Interestingly, only half of this award will be weighted towards Apple's performance relative to the S&P 500.