Tim Cook Stays Put at Apple for $47 Million as John Ternus Takes Reins

Apple's new CEO John Ternus has taken over from Tim Cook as of September 1. However, Cook is not leaving Apple entirely, and his new role as executive chairman signals that he will remain deeply involved in the company.

Cook's compensation package for this new role totals $47 million, consisting of a $2 million annual salary and a target equity award worth $45 million for fiscal 2027. This is a significant reduction from Cook's recent compensation, which was around $74 million per year for Apple's 2024 and 2025 fiscal years.

The size of Cook's new package suggests that his role as executive chairman will be more substantial than that of a typical former CEO serving on a board. Apple has stated that Cook will continue to assist with certain company matters, including engagement with policymakers around the world. He is also expected to maintain his relationships with President Donald Trump and the Chinese government.

Ternus's first major public appearance as CEO was at Apple's annual iPhone launch event in Cupertino next Wednesday, where the company is expected to introduce a new foldable iPhone. Ternus thanked Cook for his service and expressed appreciation that he would remain as executive chairman.