John Ternus officially stepped into the role of CEO today, with Tim Cook transitioning into the role of Executive Chairman. Ternus joined Apple in the year 2001 under the product design team and was promoted to the position of Vice President of Hardware Engineering in the year 2013. In 2021, he was once again promoted, serving as an executive in his new role as Senior Vice President of Hardware Engineering.
In terms of the updated pay for the new CEO, Ternus will be receiving a package totalling to $58 million, including both salary and equity, according to an SEC filing today.
Here’s a breakdown of the total value for fiscal 2027:
- Salary: $3 million per year
- Annual Equity: Targeted value of $55 million with 75% in performance-based RSUs and 25% in time-based RSUs
Tim Cook, who is now the Executive Chairman, will be receiving a package totalling to $47 million.
Here’s a breakdown of the total value for fiscal 2027:
- Salary: $2 million per year effective September 26, 2026
- Annual Equity: Targeted value of $45 million with 50% in performance-based RSUs and 50% in time-based RSUs
Last year, Tim Cook received an approximate value of $74.3 million, which includes $3 million in salary, $57.5 million in stock awards, $12 million in incentives, and $1.75 million in other compensation. The current estimated $47 million value does not include incentives and other compensation.
John’s first event as CEO will take place on Wednesday, September 9th, where Apple is expected to announce the new generation of iPhone, Apple Watch, AirPods, and more, along with the release date for iOS 27, iPadOS 27, macOS 27 Golden Gate, watchOS 27, tvOS 27, and visionOS 27.
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