Cook Hands Over Reins at Apple Amidst Record-Breaking Stock Surge

Tim Cook has stepped down as Apple's CEO, but he won't be leaving the company just yet. According to Apple's regulatory filing, Cook will continue to earn a $2 million salary as executive chairman, a significant reduction from his previous $3 million annual compensation package.

Cook's departure marks the end of 15 years at the helm of Apple, during which time he oversaw a staggering 2,300% increase in the company's stock price. The stock closed at $317 on Cook's final day as CEO and ticked up nearly 3% to $325 the next session.

Cook will still receive a significant equity award worth $45 million for fiscal 2027, bringing his total target compensation to approximately $47 million. This is slightly lower than the $58 million package awarded to new CEO John Ternus, who officially took over on September 1.