source: The Hollywood Reporter
John Ternus officially became Apple’s chief executive officer on September 1, 2026, according to The Hollywood Reporter, with an SEC filing confirming both the transition and his compensation structure on the same day.
His annual package totals approximately $58 million, made up of a $3 million base salary and equity awards valued at $55 million. Apple also included a one-time prorated restricted stock unit grant of $2.5 million.
The equity portion carries performance conditions. A quarter of the shares vest on a time-based schedule, while the remaining 75 percent vest depending on how Apple performs relative to other companies in the S&P 500 index.
The final dollar value of those awards will fluctuate with Apple’s stock price.
Tim Cook’s New Role and Compensation
Tim Cook, who led Apple since 2011, moves into the newly created position of executive chairman of the board. His compensation in that role includes a $2 million salary and a $45 million equity award, bringing his total package to approximately $47 million annually.
That’s not a small exit.
Cook steps away from the chief executive role having overseen Apple’s market capitalisation grow from roughly $350 billion to $4 trillion. When Apple announced the succession plan in April, Cook said it had been the greatest privilege of his life to lead the company.
He described Ternus as a visionary whose contributions over 25 years at Apple were already too numerous to count.
Who Is John Ternus?
Ternus joined Apple in 2001. He was promoted to vice president of Hardware Engineering in 2013 and has led development across several product lines, including Apple Watch, AirPods, and iPad. He worked under both Steve Jobs and Tim Cook, referring to Cook as a mentor.
ABC News reported that Ternus, in a statement made when the succession was announced in April, said he was profoundly grateful for the opportunity to carry Apple’s mission forward and expressed optimism about what the company’s teams could achieve.
A Succession Months in the Making
Apple announced the leadership change in April 2026, giving the market and company insiders roughly four months to prepare. The date was set then. Ternus’s September 1 start was confirmed at the time of that announcement.
The pay structure disclosed in the SEC filing draws a clear line between Ternus’s role as operator and Cook’s as chairman. Ternus’s performance-linked equity ties a meaningful share of his upside directly to how Apple fares against the broader market.
Cook’s package, though smaller, remains substantial for a non-executive role.