🕒 Created · Updated

Tim Cook transitions from Apple CEO to executive chair as John Ternus takes over leadership

Tim Cook stepped down as the chief executive officer of Apple on Monday after 15 years in charge. He has been succeeded by John Ternus, a 25-year veteran of the company who previously served as the senior vice president of hardware engineering. While Cook will no longer lead the company as CEO, he will remain with the organization as executive chair. In this new role, the administration announced that Cook will receive a $2 million annual salary and an annual equity award with a target value of $45 million for fiscal 2027. This compares to his previous CEO compensation, where he earned approximately $74 million annually in 2024 and 2025. John Ternus will receive a $3 million annual salary and restricted stock with a target value of $55 million for his first year as CEO. The transition marks the end of a tenure for Cook that saw the company grow more than 1,100 percent. During his leadership, Apple's stock price rose from approximately $13 to $317 on his final day as CEO.

Sources

Paywall and unreadable sources