Apple has set new CEO John Ternus' target compensation at $58 million, according to an updated SEC filing [PDF]. Tim Cook's target compensation is $47 million in his new role as executive chairman.
Ternus' fiscal 2027 compensation includes a $3 million salary and an annual equity award with a target value of $55 million. A quarter of the award is time-based and will vest semiannually over four years. The rest of the restricted stock units (RSUs) will vest based on Apple's total shareholder return relative to other companies in the S&P 500, which is how Cook's RSUs have worked for many years. For fiscal 2026, Apple granted Ternus a prorated RSU award with a target value of $2.5 million.
Cook's new salary will be $2 million, but he's also earning an equity award with a target value of $45 million in fiscal 2027. Half will be granted in the form of time-based RSUs that vest over four years, and the other half will vest based on Apple's stock performance. Should Cook retire on or after the first anniversary of the grant date, his equity will vest, but he won't receive the shares until the originally scheduled vesting dates.
Target compensation figures for Ternus and Cook do not include performance-based bonuses, so the final amount each earns in fiscal 2027 could change.
In 2025, Cook earned $74.3 million, including a $3 million salary, $12 million in performance-based cash awards, and $57.5 million in stock awards.
Ternus' previous pay as Apple's senior vice president of hardware engineering was not publicly shared, so this is the first look at his compensation.
