| Apple Inc. said that new Chief Executive Officer John Ternus will get a compensation package worth about $58 million in fiscal 2027, while Tim Cook's role as executive chairman will pay around $47 million. The company made the disclosure in a filing with the Securities and Exchange Commission on Tuesday, the first day of Ternus' tenure. The new CEO will be paid a $3 million annual base salary moving forward and receive a stock grant with a target value of $55 million next year. Cook, 65, is handing the reins to Ternus after a 15-year tenure that saw the company expand into new products and boost its annual revenue to nearly half a trillion dollars. The stock gained more than 2,200% under Cook, far outpacing the broader market. The 51-year-old Ternus will receive a prorated amount of restricted stock units worth about $2.5 million in fiscal 2026, which runs through September. Three-quarters of Ternus' equity award will be based on Apple's performance in relation to the rest of the S&P 500. The other 25% will be tied to time-based stock units that vest semiannually. ALSO READ: 'Congrats': Musk Reacts As New Apple CEO John Ternus Joins 'X' On Day Of Taking Charge Cook's annual salary will be reduced from $3 million to $2 million as part of his new role, while the target value of his 2027 stock package is $45 million. His pay will be less tied to Apple's performance, with only half being linked to the S&P 500. Cook's total pay package in 2025 as CEO was $74.3 million. The value of the new grants to Ternus and Cook will fluctuate based on Apple's stock price. Cook has said he plans to stay in his new role as executive chairman for a long time. Apple has never disclosed Ternus' compensation for his prior role as senior vice president of hardware engineering, but that management level typically gets paid about $25 million annually when including stock, salary and bonuses. ALSO READ: 'A Mess of Apple's Own Making': OpenAI Slams Trade Secret Lawsuit In Tuesday's filing, Apple didn't say how much the executives may also receive in cash bonuses, though those are usually valued at about double the base salary. The Cupertino, California-based company typically provides more details ahead of its shareholder meetings early in the year. |
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