Apple's new chief executive, John Ternus, officially took charge on Tuesday, and the company has disclosed a substantial pay package to accompany his promotion. According to a filing with the US Securities and Exchange Commission, Ternus will receive a $3 million salary alongside annual equity awards worth $55 million, plus a one-off prorated $2.5 million restricted stock unit grant, taking his total package to roughly $58 million. The move formalises a leadership transition at a pivotal time for Apple, as it contends with a maturing smartphone market, rapid growth among AI rivals, and the future direction of its entertainment and services businesses.

Of Ternus's annual equity award, a quarter will vest over time while the remaining three-quarters depends on Apple's share performance relative to other S&P 500 companies, meaning the eventual payout will hinge on stock movements. Tim Cook, who has moved into the new role of executive chair, will continue to be well rewarded, with a $2 million salary and a $45 million equity award split evenly between time-based and performance-based vesting. Separately, Eddy Cue, who oversees Apple's services including Apple TV, is this week also taking on responsibility for the App Store.