John Ternus took over as Apple CEO, succeeding Tim Cook in a leadership transition that also brings new compensation packages for both executives.

Ternus formally became CEO on September 1, 2026, whereas Cook moved to the position of executive chairman of Apple’s board. The company disclosed its proposed fiscal 2027 compensation in a filing with the US Securities and Exchange Commission on the day Ternus began his tenure.

Ternus is set to receive a base salary of USD 3 million for fiscal 2027. His compensation also includes a stock grant with a target value of USD 55 million. Together, the package gives him expected total compensation of about USD 58 million.

His compensation for fiscal 2026 will be lower since he became CEO during the year. Apple plans to provide restricted stock units worth about USD 2.5 million on a prorated basis.

Most of Ternus’ equity award will be tied to Apple’s performance. Around 75% will depend on the company’s results compared with other S&P 500 companies. The remaining 25% will consist of time-based stock units that vest twice a year.

Cook will receive a lower annual salary in his new position. His base pay will drop from USD 3 million as CEO to USD 2 million as executive chairman.

He will still receive a substantial equity package. Cook’s stock award has a target value of USD 45 million for fiscal 2027. His expected total compensation will therefore be about USD 47 million.

Half of Cook’s equity award will depend on Apple’s performance against other S&P 500 companies. His total compensation was USD 74.3 million in 2025.

Apple did not disclose whether either executive will receive additional cash bonuses. The company typically provides further details on executive compensation ahead of its annual shareholder meeting.

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