Ternus Takes the Reins at Apple Amid Multi-Million Dollar Pay Packages

Apple's new CEO, John Ternus, will take over on September 1, 2026. His total target compensation package for fiscal 2027 is $58 million, with a base salary of $3 million annually and an equity award of $55 million.

The equity award is split between performance-based RSUs (75%) and time-based RSUs (25%). The performance metric is Apple's total shareholder return versus other S&P 500 companies. This means Ternus' upside is directly tied to Apple's outperformance, with no guaranteed windfall independent of results.

Meanwhile, outgoing CEO Tim Cook will become Executive Chairman on the same day and receive a $47 million package. His new salary is $2 million, paired with a $45 million equity award split 50% performance-based and 50% time-based, on the same vesting schedule as Ternus.

This arrangement has sparked interest among Apple shareholders, as it means Ternus' incentives are now aligned directly with theirs. His pay structure is built around sustained growth, making his compensation dependent on Apple outperforming the S&P 500.