Overview
- John Ternus officially took over as Apple CEO on Tuesday, Sept. 1, and the company updated its leadership page and filed the executive pay details with the SEC that same day.
- Apple set Ternus’s fiscal‑2027 target pay at about $58 million, made up of a $3 million salary and a $55 million annual equity award that will start in October.
- Roughly 75% of Ternus’s equity award will be performance‑based restricted stock units that vest based on Apple’s total shareholder return versus other S&P 500 companies, while the remaining 25% are time‑based RSUs that vest semiannually over four years.
- Tim Cook has moved to executive chairman with a reduced $2 million salary and a roughly $45 million equity award split about half performance‑based and half time‑based, and he will concentrate on policy and government relations.
- Ternus, a longtime hardware engineering chief, signaled a near‑term test of his leadership in an internal memo that touted a “huge launch next week,” and media reports say a Sept. 9 event could include a rumored foldable iPhone and broader Siri/AI updates that would probe Apple’s product and AI roadmap (those product reports remain unconfirmed).