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.