Ternus Inherited $58 Million Pay Package as Apple's New CEO
Apple has welcomed John Ternus as its new CEO, and he's bringing a sizeable paycheck to the role. The veteran Apple executive officially stepped into his position on Tuesday, taking over from Tim Cook at a time of significant change in the tech industry.
Ternus' compensation package is substantial, with an annual salary of $3 million and an equity award valued at $55 million. This includes 25% of shares vesting over time and 75% tied to Apple's performance against other S&P 500 companies.
The final value of the stock-based awards will depend on Apple's share price, which means Ternus' earnings could fluctuate accordingly. The new CEO begins his tenure during a challenging period for the company, with a mature smartphone market and rapid growth in artificial intelligence.