- John Ternus has officially taken over as CEO of Apple, succeeding Tim Cook, who stepped down after 15 years in the role.
- Ternus's compensation package includes a $3 million annual salary and equity grants valued at $55 million to be awarded in the company’s fiscal 2027.
- On the same day, Apple renamed Lake Ontario to 'Lake America' on Apple Maps, following an executive order from Trump.
- MapQuest has become the No.1 navigation app after posting a message stating, 'We're not changing it.'
- Apple announced in April that Tim Cook would step down and named John Ternus, a 25-year Apple veteran, as his successor.
- Ternus and Cook worked closely over the summer to ensure a smooth transition ahead of the handoff.
- The backlash against the name change has been swift, with many expressing their discontent both publicly and within the company.
- One insider noted that there is universal disapproval of the name change, stating, 'There is not a soul who is for it.'
- Critics on social media have also voiced their frustration, with one user stating, 'It’s just so pathetic.'
Apple has set a $58 million pay package for new CEO John Ternus, who took over from Tim Cook on Tuesday. Ternus' compensation includes a $3 million annual salary and $55 million in equity grants, with 75% tied to performance metrics.125
The tech giant disclosed Ternus' pay in an SEC filing, alongside Cook's new contract as executive chairman, which includes a $2 million annual salary and a $45 million equity award for fiscal 2027.
In a separate move, Apple renamed Lake Ontario to 'Lake America' on its Apple Maps service, following an executive order from President Trump. This change has drawn significant backlash, with critics questioning the decision.37
One insider remarked, “There is not a soul who is for it”, expressing frustration over the company's compliance with the president's directive. Another critic on X stated, “It’s just so pathetic. Why go along with this stupidity??” Meanwhile, MapQuest has gained popularity by refusing to change the lake's name, becoming the top navigation app in the U.S. App Store.4
Apple's decision to rename the lake comes after a similar incident in January 2025, when the Gulf of Mexico was renamed the Gulf of America, raising questions about the company's political alignments and its impact on public perception.
“Ternus's package includes a $3 million salary and $55 million in equity, with 75% tied to performance-based RSUs. Cook's new contract as executive chairman sets his salary at $2 million, effective September 26, plus a $45 million equity award for fiscal 2027.”
Deadline
The Daily Beast
