JACKPOT

New Apple CEO’s Jaw-Dropping Pay Package Revealed

The engineer was named as Tim Cook’s successor in April.

Tim Cook’s successor at Apple is set to receive a staggering payday. John Ternus, who was named in April to replace Cook as the tech giant’s CEO, will be eligible for annual compensation valued at a whopping $58 million. The company’s former senior vice president of hardware engineering will receive a $3 million annual salary, plus a prorated restricted stock unit (RSU) award with a target value of $2.5 million and an annual equity award with a target value of $55 million to be granted in the 2027 fiscal year, according to an SEC filing. Seventy-five percent of Ternus’ equity award will be granted in performance-based RSUs, while the remainder will be granted in time-based RSUs. Cook, who took on the role of Apple’s executive chair after stepping down as CEO, will receive a $2 million salary, plus an annual equity award with a target value of $45 million. In a message shared with Apple employees on his final day as CEO, Cook said he had “enormous comfort” with Ternus taking the reins, according to Bloomberg.