New Apple CEO John Ternus Eyes $58 Million Pay Package After Succeeding Tim Cook
Cook, who moves to an executive chair role, is eligible for a $47 million compensation package The post New Apple CEO John Ternus Eyes $58 Million Pay Package After Succeeding Tim Cook appeared first on TheWrap .
New Apple CEO John Ternus is set to earn a substantial $58 million annual pay package as he assumes leadership from outgoing CEO Tim Cook on Tuesday. According to a recent SEC filing, Ternus' compensation package comprises a $3 million annual salary, a one-time prorated restricted stock unit (RSU) award valued at $2.5 million, and an equity award with a target value of $55 million for fiscal 2027.
The equity award will be granted in performance-based RSUs, which will vest based on Apple's total shareholder return compared to other S&P 500 companies, and time-based RSUs, which will vest semiannually over four years. Cook, stepping down to become executive chair, will receive an annual salary of $2 million and an equity award valued at $45 million for fiscal 2027, with equal parts performance-based and time-based RSUs.
Should Cook's tenure end due to retirement after the first year, his equity award will still vest, though performance-based RSUs will be contingent upon meeting performance benchmarks. Ternus' appointment comes at a crucial time for Apple, as the tech giant navigates the rapid advancements in artificial intelligence and intensifying competition from firms like OpenAI.
Additionally, he will oversee Apple's future in the entertainment sector. Prior to becoming CEO, Ternus served as senior vice president of hardware engineering. Moreover, Apple's Services Vice President Eddy Cue, who oversees Apple TV, will now manage the app store alongside his existing responsibilities.
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