Apple CEO Transition: John Ternus to Earn $58 Million Annually, Tim Cook $47 Million
Key Points
- Tim Cook stepped down as CEO after 15 years, John Ternus becomes new CEO
- Ternus to receive $58 million annual target compensation ($3M salary + $55M stock)
- Cook to earn $47 million annually ($2M salary + $45M stock) as Chairman of the Board
- Stock awards to be distributed based on performance and time
By the Numbers
Tim Cook, Apple's CEO for 15 years, has stepped down and was replaced by hardware chief John Ternus. Cook will remain at the company as Chairman of the Board. An official filing with the SEC disclosed the annual target compensation for both individuals.
New CEO John Ternus's annual target compensation was set at $58 million; $3 million of this is base salary, and $55 million is stock awards. A portion of the stock awards is time-based, while the remainder will be shaped by Apple's performance in the S&P 500. Tim Cook, in his new role, will receive an annual target compensation of $47 million; $2 million salary and $45 million in stock awards.
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Frequently Asked Questions
- Who is John Ternus and how long has he been at Apple?
- John Ternus is an executive who has led Apple's hardware engineering division for years and has now been promoted to CEO.
- Is Tim Cook leaving Apple completely?
- No, Tim Cook stepped down as CEO but will continue at the company as Chairman of the Board.
- How was the new CEO's salary determined?
- In the filing with the SEC, Ternus's annual target compensation was disclosed as $58 million; $3 million base salary, $55 million in stock awards.
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- MacRumors·
- An-Nahar (EN)·