Ternus Tapped for $58 Million Apple Pay Package Amid Turbulent Tech Landscape

Apple's new CEO John Ternus has officially taken over the company and is set to receive a hefty pay package. According to an SEC filing, Ternus will earn a $3 million salary, paired with annual equity awards valued at $55 million. He will also receive a one-time prorated $2.5 million RSU grant. The annual equity award will see 25 percent of shares vest over time, and the remaining 75 percent vesting based on Apple's performance compared to other companies in the S&P 500 index.

The nature of equity grants and RSUs means that the final value of the shares Ternus received will depend on what happens with Apple's stock price. This is a critical moment for Apple, which is navigating a mature smartphone market and the explosive growth of AI companies. However, Ternus will also have to help Apple navigate its future in entertainment, with Apple TV and Apple Music core pieces of the tech giant's services business.

In his new role as executive chair, former Apple CEO Tim Cook will still receive a significant compensation package. He will earn a $2 million salary alongside a $45 million equity award, with half vesting over time, and the other half vesting based on Apple's performance.