Apple has set new CEO John Ternus’ target compensation at $58 million, according to an updated SEC filing (PDF) (via Bloomberg). Tim Cook will earn approximately $47 million in his new role as executive chairman.
Ternus’ compensation package for fiscal 2027 includes a salary of $3 million and an annual stock award with a target value of $55 million. One quarter of the award is time-based and will vest semi-annually over four years. The remainder of the restricted stock units (RSUs) will vest based on Apple’s total shareholder return relative to other S&P 500 companies, which is how Cook’s RSUs have operated for many years. For fiscal year 2026, Apple has granted Ternus a prorated RSU award with a target value of $2.5 million.
Cook’s new salary will be $2 million, but he will also receive a stock award with a target value of $45 million for fiscal 2027. Half will be granted in the form of time-based RSUs that vest over four years, and the other half will vest based on the performance of Apple’s stock. If Cook retires on or after the first anniversary of the grant date, his equity will vest, but he will only receive the shares on the originally scheduled vesting dates. $47 million represents a significant pay cut for Cook, who earned $74.3 million in 2025, including $3 million in salary, $12 million in performance-based cash awards and $57.5 million in stock.
Ternus’ previous salary as Apple’s senior vice president of hardware engineering has not been made public, so this is the first look at his compensation.
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