Apple discloses executive compensation for Tim Cook's transition to chairman and John Ternus as new CEO

Apple filed SEC disclosure on September 1 setting formal compensation for the leadership transition that took effect that day. Tim Cook, who stepped down as CEO after 15 years, receives $2 million in annual salary and $45 million in equity award for fiscal 2027 for his new executive chairman role, totaling $47 million—a significant reduction from his prior $74 million annual compensation but substantial enough to signal a materially active oversight role. John Ternus, promoted from senior vice president of hardware engineering, receives $3 million in salary and $55 million in target equity award, totaling $58 million as the new chief executive. Three-quarters of Ternus' equity component is performance-based and tied to Apple's shareholder returns relative to other S&P 500 companies, while one-quarter vests on a time basis over four years. Cook is expected to assist with certain company matters, particularly government and diplomatic relations.

1. Apple filed compensation disclosures on Sept. 1, 2026 as Ternus officially assumed the CEO role
2. Cook's fiscal 2027 compensation: $2 million salary plus $45 million equity award for a $47 million total
3. Ternus' fiscal 2027 compensation: $3 million salary plus $55 million equity award for a $58 million total
4. Cook's prior annual compensation was approximately $74 million in fiscal 2024 and 2025
5. 75% of Ternus' equity award is performance-based restricted stock units tied to shareholder returns vs. S&P 500
6. 25% of Ternus' equity award consists of time-based RSUs vesting over four years
7. Cook had led Apple for 15 years before the transition on Sept. 1, growing it to approximately $4.5 trillion market value
8. Ternus, a 25-year Apple veteran and hardware engineer, made his first major public appearance as CEO scheduled for Apple's iPhone launch event on Sept. 9