Cook's $47M Package Paved for Apple Executive Chair Role
Apple's outgoing CEO Tim Cook has taken on a new role as executive chair of the company, earning a $47m (£35m) pay package. The remuneration deal is close to the level set for his successor, John Ternus, who will receive a base salary of $3m and a $55m share award. Half of Cook's share award will be based on performance targets being met, while the remaining half will be paid out over four years.
Cook's total compensation as chief executive for 2025 exceeded $74m. He owns more than 3m shares in Apple and has been placed in the multi-billionaire category by Forbes, with an estimated wealth of $3bn. Under his leadership, Apple's stock rose 2,200%, valuing the company at around $4.7tn.
Ternus, a 51-year-old engineer and longstanding Apple employee, will take over as CEO. He has experience running engineering teams behind Apple's product lineup, including iPhones, which generate most of the company's revenue. Analysts expect new products from Apple, including a foldable handset, to be unveiled on September 9.