New York: Apple's new Chief Executive Officer John Ternus will receive a compensation package worth about $58 million in fiscal 2027, while outgoing CEO Tim Cook is set to receive around $47 million in his new role as executive chairman, according to multiple reports.
The company disclosed the compensation details in a filing with the US Securities and Exchange Commission (SEC) on Tuesday, the first day of Ternus' tenure as CEO.
$55 Million Stock Award Included In Package
Ternus will receive an annual base salary of $3 million along with a stock award having a target value of $55 million for fiscal 2027.
He will also receive a prorated restricted stock unit award worth around $2.5 million for fiscal 2026, which ends in September.
Majority Of Equity Linked To Apple Performance
Around 75 per cent of Ternus' equity award will be linked to Apple's performance compared with the S&P 500 index.
The remaining 25 per cent will consist of time-based stock units that will vest semiannually.
Tim Cook Hands Over After 15 Years At Helm
Tim Cook is handing over the CEO position to John Ternus after leading Apple for 15 years. During his tenure, Apple expanded into new product categories and increased its annual revenue to nearly $500 billion.
Cook will now continue with the company as executive chairman following the leadership transition.