Tim Cook receives $47 million pay deal as Apple executive chair following transition to John Ternus

Half of the share award is based on performance targets, while the other half will be paid out over four years. Tim Cook handed over the chief executive role to John Ternus on Tuesday. John Ternus will receive a base salary of $3 million and a $55 million share award, which is weighted more toward performance. Tim Cook took over as chief executive in 2011 and oversaw a 2,200% rise in stock value during his tenure. In his new role as executive chair, Tim Cook will oversee diplomatic ties with China and maintain the company's relationship with Donald Trump. Tim Cook stated that he will miss leading the company and expressed comfort in handing the helm to John Ternus, noting that few people understand what it takes to build products that change the world as well as John Ternus does.