Apple CEO John Ternus started Tuesday. His $55 million award starts next year
Apple has appointed John Ternus as its new CEO, granting him a compensation package with a target equity award of $55 million for fiscal 2027. Meanwhile, outgoing CEO Tim Cook will transition to the role of executive chair with a reduced salary and a $45 million equity award.
Why it matters
This leadership transition marks a significant shift for the world's most valuable company, signaling Apple's long-term succession strategy and executive compensation trends.
Another day, another dollar. But for John Ternus, who started Tuesday as Apple’s CEO , the amounts come with a lot more zeroes after them.
The Apple board handed the newly minted CEO of the $4.75 trillion iPhone maker a massive new compensation package to kickstart his tenure, with more to come if Apple’s pay history is any guide. Apple gave Ternus a salary bump to $3 million and granted him restricted stock units valued at $2.5 million, prorated for the few weeks he’ll serve as CEO before the end of Apple’s 2026 fiscal year. The board separately approved an annual equity award for fiscal 2027 with a target value of $55 million. Three quarters of the equity award will vest based on Apple’s total shareholder return relative to other S&P 500 companies. The rest will vest on a clock, 12.5% every six months over four years.
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