Tim Cook handed $47m package for new role as executive chair of Apple
Tim Cook has been awarded a $47m (£35m) pay package for his new role as Apple's executive chair, following his handover of the chief executive role to John Ternus on Tuesday. The sum sits close to the $58m package granted to Ternus as his successor, reflecting both men's continued significance to the $4.7tn company as it navigates product development and its relationship with the Trump administration.
Cook's package comprises a $2m base salary plus $45m in shares, half tied to performance targets and the rest vesting over four years, a marked drop from the $74m he earned as CEO in 2025. Ternus, a 51-year-old engineer who previously led hardware engineering, receives a $3m salary and a $55m share award weighted more heavily towards performance. Cook, who took over from Steve Jobs in 2011 and oversaw a 2,200% rise in Apple's share price, will now focus on policymaker engagement, while Ternus faces his first major test at the iPhone launch event on 9 September, where a foldable handset is expected.
In short
- Tim Cook gets $47m pay package as Apple's new executive chair
- John Ternus succeeds Cook as CEO with a $58m package
- Ternus debuts at Apple's 9 September iPhone event
Steelman: both sides, in good faith
The strongest fair case each way — we don't pick a winner.
The case for
A substantial package can be defended as compensation for Cook’s continuing responsibilities and the experience he brings to a pivotal transition at a company of Apple’s scale. Much of the award is in shares, with part tied to performance and the rest vesting over time, aligning his compensation with the company’s longer-term results.
The case against
The package can be questioned given Cook has left the chief executive role and his award remains close to Ternus’s, who now carries responsibility for running the company. At $47m, including $45m in shares, it also invites scrutiny over whether executive pay is proportionate, especially after Cook’s reported $74m package in 2025 and amid the wider gap between senior pay and ordinary workers’ earnings.
Explained simply
Apple makes iPhones, Macs and other devices, and is one of the world’s most valuable companies. Its chief executive leads the business, while an executive chair can remain involved in the company’s direction and relationships with people outside it.
Tim Cook became chief executive in 2011, succeeding co-founder Steve Jobs, and led Apple through a long period of growth. John Ternus, an engineer who led the company’s hardware work, has taken over as chief executive.
The change matters because Apple must keep developing products while managing its dealings with governments and policymakers. Cook’s new role keeps him involved in those external relationships, while Ternus takes responsibility for running the company.
Business Companies Markets Software Technology