Apple has disclosed a target compensation package of roughly $58 million for John Ternus, who succeeded Tim Cook as chief executive on September 1. An amended regulatory filing outlined the package one day after Ternus officially took charge. Apple’s board had unanimously approved the leadership transition in April after a long-term succession process.
$58 million target package
Ternus will receive a $3 million annual base salary. Apple also approved an equity award with a target value of $55 million for fiscal 2027. Apple’s fiscal 2027 begins on September 27.
The company granted him a separate, prorated restricted stock unit award worth $2.5 million. That award covers his partial year as CEO during fiscal 2026, which ends September 26.
Apple will issue 75 percent of the annual equity award as performance-based restricted stock units. Their vesting depends on Apple’s total shareholder return compared with other S&P 500 companies.
The remaining 25 percent will comprise time-based units. These will vest in equal 12.5 percent installments every six months over four years.
The headline figure therefore represents target compensation, rather than guaranteed cash. Market performance will influence the final value of most of the equity award.
Cook moves to executive chair
Cook became executive chairman of Apple’s board on September 1, the same day Ternus became CEO. His new $2 million annual salary takes effect on September 26.
Apple also approved a $45 million target equity award for Cook in fiscal 2027. The company will divide it equally between performance-based and time-based restricted stock units.
That brings Cook’s target package in the new role to about $47 million. Apple said he would remain involved in selected areas, including engagement with policymakers worldwide.
Cook received total compensation of $74,294,811 as CEO in fiscal 2025, according to Apple’s annual proxy statement. That included a $3 million salary, $57.5 million in stock awards and a $12 million incentive payment. Other compensation contributed about $1.8 million.
“John Ternus has the mind of an engineer, the soul of an innovator, and the heart to lead with integrity and with honor,” Cook said when Apple announced the succession.
Hardware veteran takes control
Ternus joined Apple’s product design team in 2001. He became a vice president of Hardware Engineering in 2013 and joined the executive team as senior vice president in 2021.
He has overseen hardware work across the iPad, AirPods, iPhone, Mac and Apple Watch. Apple also credits him with advancing product durability, materials innovation and repairability.
“I am profoundly grateful for this opportunity to carry Apple’s mission forward,” Ternus said in April. He also joined Apple’s board on September 1.
Ternus will make his first major public appearance as CEO at Apple’s September 9 streaming event. Apple has promoted the event as “Surprise and shine.”
The broadcast will begin at 10 a.m. Pacific Time. Viewers can watch it through Apple’s website, Apple TV or YouTube Live.
