Tim Cook Keeps Payout as Apple's New Executive Chair

Tim Cook has stepped down as CEO of Apple after 15 years in charge, but he's not leaving the company just yet. He's taking on the role of executive chair and will continue to collect a CEO-sized paycheck.

Cook's new job pays a $2 million salary instead of $3 million, and comes with an annual equity award with a target value of $45 million for fiscal 2027. Half of this award is performance-based, vesting based on Apple's total shareholder return relative to other S&P 500 companies.

As CEO, Cook earned around $74 million each year, including $14 million in cash bonuses and other compensation. His successor, John Ternus, will receive a $3 million annual salary and restricted stock with a target value of $55 million for his first year as CEO.