Ternus Takes Helm as Apple's New CEO, Cook Steps Down After 15-Year Tenure

Apple has completed its leadership transition, with Tim Cook stepping down as CEO and John Ternus taking over. Cook's tenure lasted 15 years, during which he transformed Apple from a company worth less than $350 billion to one valued at over $4.6 trillion. The former CEO will become executive chairman and receive a compensation package of $47 million for fiscal 2027.

Ternus assumes the top role with a $58 million compensation package, including a $3 million salary and a $55 million target equity award. His equity structure is heavily performance-linked, with 75% tied to shareholder returns relative to S&P 500 peers. Cook will continue to assist Ternus in certain matters, including engagement with policymakers worldwide.

The handover mirrors the transition at Amazon, where Jeff Bezos stepped down as CEO and Andy Jassy took over. Apple's board of directors highlighted Cook's achievements during his tenure, including growing the company's market value and expanding its product lines. Ternus has been praised for his attention to detail and product innovation.