2 hrs ago
Apple Sets $3 Million Salary, $55 Million Award for Ternus
Apple has a new chief executive named John Ternus.
The company plans to pay him $3 million each year in salary.
He may also receive stock worth $55 million for fiscal 2027.
Most of that stock depends on how well Apple performs compared with other large companies.
The rest will be given gradually over four years.
Ternus will also receive a smaller stock award for part of fiscal 2026.
Former CEO Tim Cook will continue in a role with a $2 million salary.
Cook will also receive a targeted $45 million stock award for fiscal 2027.
Apple will pay new CEO John Ternus an annual salary of $3 million.
Ternus will receive a targeted $55 million equity award for fiscal 2027.
Seventy-five percent of Ternus’s award will be performance-based restricted stock units.
The remaining 25% will be time-based restricted stock units vesting over four years.
Former CEO Tim Cook will receive a $2 million salary and $45 million targeted equity award for fiscal 2027.
- Who
- Apple, new CEO John Ternus, and former CEO Tim Cook.
- What
- Apple disclosed compensation packages including salaries and targeted stock awards for Ternus and Cook.
- Where
- The compensation was disclosed in a filing with the U.S. Securities and Exchange Commission; no other location is specified.
- When
- Ternus’s salary became effective Tuesday, the day he took over as CEO; Cook’s salary becomes effective Sept. 26. The article does not specify the year.
- Why
- The payments establish compensation for Apple’s new CEO and former CEO.
Key facts
- Ternus annual salary
- $3 million
- Ternus targeted equity award
- $55 million for fiscal 2027
- Ternus performance-based equity
- 75% of the fiscal 2027 targeted award
- Ternus time-based equity
- 25% of the fiscal 2027 targeted award, vesting semiannually in equal 12.5% installments over four years
- Ternus fiscal 2026 award
- A prorated restricted stock unit award with a target value of $2.5 million
- Cook annual salary
- $2 million
- Cook targeted equity award
- $45 million for fiscal 2027
Sources
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