Tim Cook stepped down as Apple CEO on September 1, 2026, after 15 years in the role. He has transitioned to the position of executive chairman of the board. According to SEC filings, his target compensation for the 2027 fiscal year is set at approximately $47 million, consisting of a $2 million base salary and $45 million in stock awards.
John Ternus, who officially became the new CEO on September 1, 2026, will receive a target compensation package of about $58 million. This includes a $3 million base salary and $55 million in stock. Additionally, Ternus received a one-time stock grant worth approximately $2.5 million for his partial 2026 fiscal year service as CEO.
The compensation structures for the two executives differ significantly. For Ternus, 75% of his stock awards are tied to Apple's performance relative to the S&P 500 index. In contrast, only half of Cook's stock package is linked to similar performance metrics, with the remainder vesting in equal installments over four years.
Cook will maintain an active role in management, focusing on government relations in the US and China, as well as memory supply chain issues. He will move to a new office on the Apple campus, while Ternus takes over the former CEO's office in the Apple Park executive wing. Ternus plans to accelerate product development as he begins his tenure.