Business & Finance
Tim Cook transitions to Apple executive chair with $47 million compensation package
John Ternus takes over as chief executive ahead of Apple's annual hardware event.
The short version
- Tim Cook transitioned from Apple chief executive to executive chair, receiving a $47 million compensation package.
- John Ternus, formerly senior vice president of hardware engineering, assumed the role of CEO with a pay package valued at $58 million.
- Cook's new responsibilities focus on global policymaker relations, while Ternus will lead product development and upcoming hardware releases.
- Ternus is scheduled to make his first major appearance as CEO at Apple's product launch event on September 9.
Key facts
- Tim Cook's compensation package as executive chair includes a $2 million base salary and $45 million in shares, split evenly between performance targets and a four-year vesting schedule.[The Guardian]
- Incoming CEO John Ternus received a $3 million base salary alongside a $55 million performance-weighted share award.[The Guardian]
- Cook's executive chair mandate includes engaging with global policymakers and managing Apple's relationship with Donald Trump.[The Guardian]
- Under Cook's leadership since 2011, Apple's stock increased by 2,200%, bringing its market valuation to approximately $4.7 trillion.[The Guardian]
What remains uncertain
- The extent to which Apple will announce a foldable device or new artificial intelligence integration at its September 9 event remains unconfirmed ahead of the presentation.[The Guardian]
Sources
- Tim Cook handed $47m package for new role as executive chair of AppleThe Guardian - World