- John Ternus has succeeded Tim Cook as Apple CEO.
- The SEC filing reveals that Ternus will receive a $3 million (Rs 28.4 crore) annual base salary and a stock grant with a target value of $55 million (Rs 521.7 crore) next year.
- The People and Compensation Committee approved an annual equity award for Ternus with a target value of $55 million to be granted in fiscal 2027, with 75 per cent in performance-based RSUs based on Apple's total shareholder return relative to other companies in the S&P 500.
- Tim Cook's annual salary will be $2 million (Rs 18.9 crore), reduced from the current $3 million as part of the new role, and he will earn an equity award with a target value of $45 million (Rs 427.3 crore) in fiscal 2027.
John Ternus officially took over as Apple CEO on September 1, succeeding Tim Cook, who led the company for 15 years. According to an updated SEC filing, Ternus, 51, will receive a $58 million compensation package for fiscal 2027.1
Ternus's compensation includes a $3 million annual base salary and a stock grant with a target value of $55 million for the upcoming fiscal year. Additionally, he will receive a prorated amount of restricted stock units (RSUs) worth about $2.5 million for fiscal 2026, which ends in September.2345
The compensation structure is performance-based, with 75 percent of Ternus's equity tied to Apple's performance relative to the S&P 500. The remaining 25 percent will be based on time-based stock units that vest semiannually. The People and Compensation Committee has approved this annual equity award, emphasizing the importance of performance metrics in Ternus's compensation.
In contrast, Tim Cook's new role will see his annual salary reduced to $2 million, down from $3 million. He will also receive an equity award with a target value of $45 million for fiscal 2027, with half of it granted in performance-based RSUs and the other half in time-based RSUs that vest over four years.
This transition marks a significant change in leadership at Apple, with Ternus poised to lead the company into its next chapter.
“Ternus will receive a $3 million annual base salary and a stock grant with a target value of $55 million, with 75% in performance-based RSUs tied to Apple's total shareholder return relative to the S&P 500. Meanwhile, Cook's salary drops to $2 million, with an equity award target of $45 million for fiscal 2027.”
