Apple, based in Cupertino, California, detailed the pay plans in a Securities and Exchange Commission filing on Tuesday, the day Ternus officially took over as chief executive. For fiscal 2027, Apple is targeting about $58 million for Ternus and around $47 million for Cook in his executive chairman role.
Starting now, Ternus's salary is set at $3 million a year. He is slated to receive a stock award next year with a target of $55 million, plus a prorated restricted stock unit grant of about $2.5 million for fiscal 2026, which ends in September.
Cook's base salary is being reduced to $2 million from $3 million as he transitions to executive chairman. His stock award target for fiscal 2027 is $45 million, and his equity mix will be less performance heavy than Ternus's, with half of it linked to Apple's standing relative to the S&P 500.
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For Ternus, 75% of his equity will depend on how Apple performs relative to the S&P 500, with the remaining 25% in time based units that vest twice a year. Apple said the value of the new grants for both executives will move with the share price. The filing did not specify potential cash bonuses, which Apple typically sets at roughly twice base salary, and the company usually releases additional details before its early year shareholder meetings.
Apple has never disclosed Ternus's earlier compensation during his tenure leading the hardware engineering organization in an SVP-level capacity, though that leadership tier generally earns about $25 million a year including stock, salary and bonuses.
Cook, 65, is transferring leadership to Ternus after 15 years that pushed Apple into new product areas and boosted yearly revenue to just under half a trillion dollars. During Cook's tenure, Apple shares climbed more than 2,200%, far ahead of the broader market. He has said he intends to remain executive chairman for a long time. As CEO in 2025, his total compensation was $74.3 million.
Ternus, 51, previously led hardware engineering. With more of his pay tied to performance against big cap peers than Cook's, the setup puts a spotlight on how Apple executes. If you own the stock, that linkage can shape leadership priorities in ways you feel in your portfolio.