Mega pay package Apple's new CEO will receive after taking over from Tim Cook
Tim Cook did the impossible job of filling Steve Jobs' shoes when he took over as Apple's CEO in 2011, yet he has finally decided to step away from the role 15 years later, seeing John Ternus take his place.
Being in charge of the world's second most valuable tech company is task few can successfully take on, and therefore it's understandable that it's an incredibly well-compensated position.
With Ternus now officially in the position after the transition was announced earlier this year, reports have revealed the jaw-dropping amount of money that he's likely to receive with a multi-million dollar annual salary paired alongside mega equity awards.
As shared by The Hollywood Reporter, Ternus' salary was revealed in an SEC filing on Tuesday afternoon, showing that he will receive $3 million each year as a base salary, alongside $55 million in annual equity awards.
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Ternus will also be granted a one-time prorated RSU grant worth $2.5 million on top of this, with his annual equity award split into two different types of vesting. 25% will simply vest over time, whereas the remaining 75% will vest based on Apple's market performance relative to other comparable S&P 500 companies.
Who is John Ternus?
Like many who climb the ladder, John Ternus has been at Apple for 25 years, starting initially in 2001 as a member of the product design team. His first project involved work on the Apple Cinema Display, which was eventually replaced down the line by the Studio Display monitors.
He then became the company's Vice President of Hardware Engineering in 2013, overseeing the development of major lines like the MacBook, iPad, and AirPods, before eventually expanding his remit to cover iPhones and the transition to Apple silicon.
A promotion to Senior Vice President of Hardware Engineering saw Ternus become one of the most important figures at Apple – something that was especially notable considering his comparably young age – and many saw him as a potential successor to Cook.
This eventually became reality after the company's board of directors promoted him to Chief Executive Officer in April 2026, following Tim Cook's decision to step away after over a decade in the role, and the changeover became official on September 1, 2026.
What is Tim Cook's new role at Apple?
Tim Cook has taken up the role of Executive Chairman at Apple, and while Ternus will be the figure leading the company's direction, the departing CEO will still hold an important and unique role for the future.
His mandate, as per The Guardian, now involves interacting with various policymakers and political figures around the world — something he has plenty of experience with over the last few years after building a relationship with U.S. President Donald Trump.
Cook will also likely be key to Apple's continued efforts to corner the Chinese market, but don't expect him to have an influence on what products are made or decisions around future technology.
"As you know, I am not leaving Apple. But I am stepping away from a role that I have loved deeply," Cook wrote in an email to employees following his departure as CEO.
"I will miss this work in ways I can only begin to imagine, even as I remain completely at peace with my decision. I will miss leading you and being with you for every step, even as I take enormous comfort in handing the helm to someone as brilliant and wonderful and capable as John.
"Few people understand what it takes to build products that change the world in the way John does and I could not be more excited for his leadership," Cook asserted.
Tim Cook will certainly be well compensated for his new role, however, as the aforementioned SEC filing indicates that he'll receive a $2 million annual salary, alongside a $45 million equity award — half of which will vest over time, with the remaining half vesting based on performance.