Apple's new CEO John Ternus will take home a $58 million pay package

Tim Cook, the former CEO of Apple, is set to receive a substantial $47 million pay package as the company's new chairman. Cook, who stepped down as CEO this week after a 15-year tenure, will now serve as executive chair. John Ternus, Apple's newly appointed CEO, is expected to earn $58 million in salary and stock awards during his first year.

Cook's new role will pay a $2 million salary, up from $3 million, and include an annual equity award with a value target of $45 million for fiscal 2027. Half of this award consists of performance-based restricted stock units (RSUs) that will vest based on Apple's total shareholder return compared to other S&P 500 companies. The remaining half is time-based and will vest over a four-year period.

Cook's compensation package underscores his continued central role at Apple, similar to Warren Buffett's approach at Berkshire Hathaway, where he stepped down as CEO but remained chairman and advisor to the new CEO. The size of Cook's pay reflects the significant value he created during his time as CEO, as Apple's stock price surged nearly 2,300% during his tenure.

Cook's relationships with political leaders and the Chinese government have also been crucial to Apple's success in navigating recent geopolitical challenges. As Ternus tackles issues such as Apple's AI strategy and staff retention, Cook's continued involvement may prove valuable.