Ternus' Apple Pay: New CEO Lands $58 Million Compensation Package

John Ternus, Apple's new CEO, is set to receive a substantial pay package as he takes over from Tim Cook. The veteran Apple executive will have an annual salary of $3 million and an equity award valued at $55 million.

The equity award has two conditions: 25% of the shares will vest over time, while the remaining 75% will be tied to Apple's performance compared with other companies in the S&P 500 index. The final value of these stock-based awards is not fixed and can rise or fall depending on Apple's share price.

Cook may have left the CEO chair, but his compensation remains substantial as he takes on a new role as executive chair. He will receive a $2 million salary and an equity award valued at $45 million, with half of that vesting over time and the other half tied to Apple's performance.