Tim Cook Transitions Out of CEO Role at Apple, But Remains Key Figure
Apple has ushered in a new era of leadership as John Ternus takes over as CEO, replacing Tim Cook who stepped down after a 15-year reign. However, despite relinquishing his role as CEO, Cook intends to remain actively involved in the company's operations.
Cook will move into the position of executive chairman, where he will continue to play a significant role in Apple's major decisions. His vast experience dealing with politicians and government officials will prove invaluable for the company, particularly given its interests in both America and China.
According to sources, Cook's compensation package has been revamped, with his base pay set to reduce to $2 million by 2027 from the current $3 million as CEO. He also received restricted stock units worth $45 million. Ternus, on the other hand, is expected to earn $3 million annually along with a stock compensation package worth about $55 million.
Cook's new role will include duties beyond that of an ordinary chairman, and he has expressed his commitment to remaining involved in Apple's affairs. He tweeted, 'I want to thank everyone for the outpouring of love and thank you for believing in me to lead the company that has always put you at the center of our work. This is not goodbye. It’s a hello to John and I can’t wait for you to get to know him like I do!'