Ternus to Earn $58 Million in First Year as Apple CEO
Apple's new Chief Executive Officer John Ternus is set to receive a compensation package worth about $58 million in fiscal 2027. The company disclosed this information in a filing with the Securities and Exchange Commission on Tuesday, marking the first day of Ternus' tenure. He will have an annual base salary of $3 million moving forward and receive a stock grant with a target value of $55 million next year.
Ternus will also receive a prorated amount of restricted stock units worth about $2.5 million in fiscal 2026, which runs through September. Three-quarters of his equity award will be based on Apple's performance in relation to the rest of the S&P 500, while the other quarter will be tied to time-based stock units that vest semiannually.
Tim Cook, who is handing over the reins after a 15-year tenure, will receive a reduced annual salary of $2 million as part of his new role as executive chairman. His target value for the 2027 stock package is $45 million, with only half being linked to Apple's performance.