<p>John Ternus <strong>[pictured]</strong> officially took over as CEO of Apple Inc. on September 1, with Tim Cook stepping down from the position after 15 years and becoming Executive Chair of the company.</p>
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<div>Ternus’ annual salary was increased to $3 million on the transition date according to a filing with the Securities and Exchange Commission. This was the same salary that Cook received when he was CEO.</div>
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<div>But with any CEO at a public company, the real money comes in stock awards.</div>
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<div>Apple&#8217;s People and Compensation Committee granted a prorated restricted stock unit (“RSU”) award for Ternus’ period of service as CEO in fiscal 2026 on the Transition Date with a target value of $2.5 million. The People and Compensation Committee also approved an annual equity award for Ternus with a target value of $55 million to be granted in fiscal 2027. 75% of the equity award will be granted in performance-based RSUs that vest based on Apple’s total shareholder return relative to other companies in the S&;P 500, and 25% will be granted in the form of time-based RSUs that vest semiannually in equal installments of 12.5% over four years, consistent with the vesting structure for time-based RSU awards to be granted in fiscal 2027 to Apple’s executive officers.</div>
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<div>Ternus is already a multimillionaire with his extensive experience at Apple. He joined Apple’s product design team in 2001 and became a vice president of Hardware Engineering in 2013. He was promoted to the Apple executive team in 2021 as senior vice president of Hardware Engineering.</div>
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<div>Tim Cook’s annual salary will drop from $3 million to $2 million, effective on September 26, 2026. The People and Compensation Committee also approved an equity award for Mr. Cook with a target value of $45 million to be granted in fiscal 2027. 50% of the equity award will be granted in performance-based RSUs that vest based on Apple’s total shareholder return relative to other companies in the S&;P 500, and 50% will be granted in the form of time-based RSUs that vest semiannually in equal installments of 12.5% over four years. In the event of Mr. Cook’s termination due to retirement on or after the first anniversary of the grant date, Mr. Cook’s equity award will vest, subject to performance for the performance-based RSUs, but will continue to settle on the originally scheduled vesting dates.</div>
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