Apple's Tim Cook to Earn Nearly as Much as New CEO in Executive Chair Role

Apple's board has locked in a compensation package for Tim Cook worth close to $47 million as he transitions from chief executive to executive chair, a figure that puts his new pay nearly on par with incoming CEO John Ternus. The arrangement signals Apple expects him to remain deeply involved in the company’s operations rather than step back into a ceremonial board role.

Cook's executive chair compensation consists of a $2 million base salary and $45 million in equity awards, for a combined value of approximately $47 million, which is a reduction from his 2025 pay and stock award. Ternus will start with a $3 million base salary and has a target annual equity award set at $55 million for fiscal year 2027.

The executive chair title did not exist at Apple before Tuesday when Cook officially took on the new title, it was created specifically for him and comes with longtime non-executive board chair Arthur Levinson shifting into the role of lead independent director. The description of Cook's ongoing duties as a 'lighter-duty governance position' is misleading, given the size of his new pay package.

Ternus marked his first day as chief executive with an internal note thanking Cook and expressing relief that he would remain involved as executive chair, describing himself as honored to lead what he called the greatest company in the world. Ternus's first major test as CEO arrives quickly, leading Apple’s annual iPhone launch event next week where the company is widely expected to introduce a new foldable smartphone.