TLDR
- John Ternus officially became Apple’s CEO on September 2, with a total compensation package of around $58M for fiscal 2027
- His package includes a $3M base salary and a $55M equity award, plus a $2.5M prorated stock grant for partial fiscal 2026 service
- 75% of his equity is performance-based, tied to Apple’s total shareholder return vs. the S&P 500
- Tim Cook moves to executive chairman with a $47M package, down from $74.3M as CEO in 2025
- Ternus’ first major test comes September 9, when Apple is expected to unveil the iPhone 18 lineup
Apple (AAPL) stock was down 0.17% on Tuesday as the company filed details of its new leadership compensation with the SEC. The filing came on Ternus’ first official day as CEO.
Ternus, 51, takes the top job with a targeted $58M pay package for fiscal 2027. That breaks down to a $3M annual salary and a $55M equity award.
He also received a prorated RSU grant worth $2.5M to cover his partial-year service as CEO during fiscal 2026.
The equity structure leans heavily on performance. Three-quarters of the $55M award is tied to Apple’s total shareholder return measured against the rest of the S&P 500. The remaining 25% vests on a time-based schedule, paying out in equal 12.5% portions every six months over four years.
Tim Cook’s New Role
Cook officially moved to executive chairman on the same date. His new package comes in at roughly $47M for fiscal 2027, including a $2M salary and $45M in stock.
That is a step down from his $74.3M total pay as CEO in 2025, and his base salary drops from $3M to $2M. Cook’s equity follows the same split as Ternus, half performance-based and half time-based.
The SEC filing left the question of cash bonuses for both executives open, according to the Wall Street Journal.
Apple announced the leadership change back in April, describing it as the result of a long-term succession planning process. Ternus joined Apple in 2001 and was named senior vice president of hardware engineering in 2021. He oversaw development of the iPhone, iPad, Mac, Apple Watch, AirPods, and Vision Pro.
First Test: September 9 Event
Ternus does not get much of a runway before his first big moment. Apple’s product event is scheduled for September 9 at its Cupertino campus.
The company is expected to introduce the iPhone 18 lineup, new Apple Watches, and a rebuilt Siri powered by large language models.
Cook sent a farewell memo to Apple employees on Monday, his final day in the CEO role. During his 15-year run, he grew Apple’s market cap to $4 trillion and pushed annual revenue above $416 billion in fiscal 2025.
The compensation filings were made publicly available Tuesday through the SEC.
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