Tim Cook to receive $47m after stepping down as Apple CEO

Apple's incoming CEO John Ternus will receive a $58 million compensation package in the 2027 fiscal year, which begins in October.

Tim Cook, who led Apple for 15 years following founder Steve Jobs and is now stepping down to become board chairman, will receive $47 million.

Apple disclosed the figures Tuesday (local time), the first day of Ternus' tenure.

Ternus will receive a base salary of $3 million and stock compensation worth $55 million.

Of the stock compensation, 75 percent consists of performance-based RSUs (restricted stock units) tied to total shareholder return relative to the S&P 500 index. The remaining 25 percent are time-based RSUs vesting over four years.

Cook will receive a base salary of $2 million — $1 million less than he earned as CEO — along with $45 million in stock compensation, split evenly between performance-based and time-based RSUs.

Cook's compensation package in 2025 totaled $74.3 million.

Ternus' pay as senior vice president of hardware engineering was not publicly disclosed. Apple typically pays its most senior executives a combined annual package of around $25 million in salary, stock and bonuses, Bloomberg reported.

On Monday (local time), Cook took to X, formerly Twitter, to mark his final day as CEO. "As I face my last day as CEO, I send my deepest love to the Apple community," he wrote, adding, "My title will change tomorrow, but my love for the Apple community will never change."

Cook will move into the role of executive chairman of the board, overseeing external relations including policy coordination with governments in the United States and around the world.

During his tenure, Apple successfully launched the Apple Watch and AirPods and expanded its lineup of existing products, including the iPhone, iPad and Mac.

Despite widespread skepticism about Apple without Jobs, the company's market capitalization grew more than tenfold under Cook — from $350 billion to $4.6 trillion.

Ternus, a hardware specialist who studied mechanical engineering at the University of Pennsylvania, joined Apple in 2001 and has spent his entire career there overseeing hardware engineering.

Ternus takes the helm facing the challenge of closing Apple's gap with rivals in AI and restructuring its China supply chain amid pressure from the Donald Trump administration.

He is expected to make his debut as CEO at Apple's upcoming product launch event.