Apple's new CEO John Ternus will receive a target compensation package of $58 million for fiscal 2027, according to an updated SEC filing obtained via Bloomberg., Former CEO Tim Cook, who is transitioning to the role of executive chairman, will earn approximately $47 million under his lucrative new deal.,
Breaking Down the CEO Compensation
Ternus's pay package includes a $3 million base salary alongside an annual equity award with a target value of $55 million. A quarter of these restricted stock units (RSUs) are time-based and will vest semiannually over a four-year period.
The remaining RSUs are tied to Apple's total shareholder return relative to other companies in the S&P 500. This performance-based vesting structure is exactly how Cook's RSUs have worked for many years.
For fiscal 2026, Apple granted Ternus a prorated RSU award with a $2.5 million target value. Because Ternus's previous compensation as senior vice president of hardware engineering was never publicly shared, this regulatory filing marks the first look at his pay.
Cook Takes a Pay Cut in Chairman Role
Cook's new $47 million package represents a sizable pay cut from the $74.3 million he earned in 2025. His previous compensation included a $3 million salary, $12 million in performance-based cash awards, and $57.5 million in stock awards.
In his new executive chairman role, Cook's salary will drop to $2 million, but he is also earning an equity award with a $45 million target value for fiscal 2027. Half of this equity will be granted in the form of time-based RSUs that vest over four years, while the other half will vest based on Apple's stock performance.
Should Cook retire on or after the first anniversary of the grant date, his equity will continue to vest. However, he will not receive the actual shares until the originally scheduled vesting dates.
A Historic Leadership Transition
Ternus officially assumed the CEO position on September 1, taking over one of the world's most valuable companies. He first joined Apple in 2001, but unless you are a dedicated Apple enthusiast, you have probably never heard of the man, who has largely remained out of the spotlight until this transition.,
Cook handed over the reins on Tuesday after a 15-year tenure that cemented Apple as an iconic global brand. He inherited a company with a market capitalization under $350 billion and transformed it into a diverse $4.6 trillion giant that now sells watches, AirPods, and financial services., Under Cook, who succeeded legendary founder Steve Jobs on August 24, 2011, Apple's shares soared 2,258%, turning the stock into one of the market's most reliable bets.
In a company-wide memo on his first day, obtained by 9to5Mac, Ternus stated Apple was lucky to have a leader who led with his values and operated with such "decency and humanity.", On his final day as CEO, Cook similarly told employees he took "enormous comfort" in handing leadership to someone as "brilliant and wonderful and capable as John."
While Ternus has been on stage during Apple events before, he will make his official debut as chief executive at the September 9 "Surprise and Shine" iPhone event.