With Tim Cook announcing that he will be stepping down from his top position at Apple later this year, it seems the tech company is set to welcome a new CEO.
And that title will come with an eye-watering paycheck for John Ternus, who will be taking the helm in September.
The news broke on Monday (April 20), that Cook’s position as Apple CEO, which he has held since 2011, would come to an end this year.
Cook took over the role from the tech giant’s co-founder Steve Jobs shortly before his death.
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Now, it looks like Ternus will be the next person to take on the job, who first joined Apple back in 2001as a member of the firm’s product design team.
Since then, he has climbed the ranks, being named Vice President of Hardware Engineering in 2013 before becoming senior Vice President of Hardware Engineering in 2021.
Speaking of his departure, Cook said: “It has been the greatest privilege of my life to be the CEO of Apple and to have been trusted to lead such an extraordinary company.
“I love Apple with all of my being, and I am so grateful to have had the opportunity to work with a team of such ingenious, innovative, creative, and deeply caring people who have been unwavering in their dedication to enriching the lives of our customers and creating the best products and services in the world.”
In a press release, Apple stated: “Cook will continue in his role as CEO through the summer as he works closely with Ternus on a smooth transition.”
So, what does the new position mean for Ternus’ pay-package? It looks like the Apple exec is set to be in for a major payday.
How much is Tim Cook paid?
In an annual shareholders meeting in 2025, it was revealed that Cook was earning $3 million a year as CEO.
However, that base salary paled in comparison to other financial benefits he has received over the years, with stocks and bonuses making up a total yearly compensation of around $74 million.
On top of this, a report by Forbes has estimated Cook’s net worth to be just shy of $3 billion, owning more than three million shares of Apple and having sold over $1 billion worth of shares over the years.
Tetanus’ salary has not yet been made publicly known but it could be set to make upwards of $100 million in his new role.