Tim Cook may have stepped down as Apple’s CEO, but he is not exactly walking away from the company.
The longtime Apple boss will receive a $47 million compensation package in his new role as executive chairman, signalling that he is expected to remain closely involved in the company’s affairs.
Apple disclosed the new package in a filing with the US Securities and Exchange Commission (SEC) on Tuesday, September 1, 2026, the same day John Ternus officially took over as CEO.
Under the new arrangement, Cook will receive a $2 million annual salary and a $45 million target equity award for Apple’s 2027 fiscal year, bringing his total target compensation to $47 million.
Ghana signs deal with Shell, Chevron to explore South Deepwater Tano oil block
The figure is significantly lower than Cook’s recent earnings. He received about $74 million in each of Apple’s 2024 and 2025 fiscal years.
However, the size of his new package underscores the importance Apple continues to place on Cook’s role as executive chairman.
Apple said Cook will remain involved in certain company matters, including engagements with policymakers around the world.
He is also expected to maintain his relationships with US President Donald Trump and the Chinese government, potentially giving Apple continuity in two strategically important markets.
Meanwhile, Apple’s new CEO, John Ternus, will receive a $3 million annual salary and a target equity award worth $55 million from the 2027 fiscal year.
His total target compensation will therefore amount to $58 million.
Additionally, about 75% of John Ternus’ equity award will be made up of performance-based restricted stock units tied to Apple’s shareholder returns relative to other companies in the S&P 500.
Ternus, who is a 25-year Apple veteran and hardware engineer, officially began his tenure as CEO on Tuesday September 1, 2026.
The leadership transition represents only the second change in Apple’s CEO position in recent times.
Tim Cook led Apple for 15 years, during which the company grew into a technology giant valued at roughly $4.5 trillion.
In a message to employees, John Ternus thanked Cook for his leadership and expressed appreciation that he would remain with the company as executive chairman.
His first major public appearance as CEO is expected to come at Apple’s annual iPhone launch event in Cupertino next Wednesday, where the company is widely expected to unveil a new foldable iPhone.
Meanwhile, Apple shares closed 2.61% higher at $325.13 on Tuesday and were little changed in after-hours trading at $325.14, according to Benzinga Pro.
Apple says that new CEO John Ternus will get a compensation package worth about $58 million in fiscal 2027, while Tim Cook’s role as executive chairman will pay around $47 million. https://t.co/DjN0PGHsMw 📷️: Kevin Winter/Getty Images pic.twitter.com/DtxXcmmEYE
— Bloomberg (@business) September 2, 2026 With additional files from Bloomberg and Yahoo Finance MA