Apple has confirmed a $58 million pay package for John Ternus, who officially became chief executive today, succeeding Tim Cook after 15 years at the helm. The disclosure, made in an SEC filing on Tuesday, also detailed the terms of Cook's new role as executive chairman, marking a carefully managed leadership transition first announced in April.

Ternus's package comprises a $3 million annual salary and $55 million in equity awards to be granted in fiscal 2027, alongside a prorated $2.5 million RSU award for his partial year as CEO in fiscal 2026. Most of his equity, 75%, is performance-based and tied to Apple's shareholder returns relative to the S&P 500, with the remainder vesting over four years. Cook, who will earn a $2 million salary from 26 September plus a $45 million equity award, is expected to focus on policy engagement, having led his final earnings call in July. Ternus, a 25-year Apple veteran and former hardware engineering chief, will formally introduce himself at a company event on 9 September.