Tim Cook has assumed the position of executive chair at Apple following his transition from chief executive, a role he held since 2011. His new compensation package totals $47m, consisting of a $2m base salary and $45m in share awards, with half of the shares contingent on achieving performance targets and the remainder vesting over four years. John Ternus, a 51-year-old engineer with a long tenure at the company, has taken over as chief executive with a $3m base salary and $55m in share awards, weighted more heavily toward performance metrics.
During his 15-year tenure as chief executive, Cook oversaw substantial growth in Apple’s valuation and stock performance. The company’s stock increased 2,200% under his leadership, and Apple’s market value grew to approximately $4.7 trillion from roughly $350 billion when he assumed the chief executive role. Cook, who owns more than 3 million shares in Apple, has amassed a personal wealth estimated at $3 billion according to Forbes. His previous compensation as chief executive in 2025 exceeded $74m.
Ternus brings extensive experience in product engineering to his new role, having served as senior vice-president of hardware engineering where he oversaw the teams responsible for Apple’s complete product portfolio, including the iPhones that represent the company’s primary revenue source. Analysts expect his leadership to drive new product development and accelerate the integration of artificial intelligence technology into Apple’s hardware offerings. His debut as chief executive will coincide with Apple’s scheduled product event on 9 September, where a foldable handset is anticipated to be unveiled alongside new versions of the Apple Watch and AirPods.
Cook’s responsibilities as executive chair will include engagement with government officials internationally and maintaining relationships with key political figures and trading partners, particularly regarding China’s role as a critical manufacturing hub. In a message to employees, Cook expressed confidence in his successor, characterizing Ternus as exceptionally capable and knowledgeable about building world-changing products.
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