Apple’s management structure underwent a major change in September, with John Ternus taking over as CEO and his predecessor, Tim Cook, as executive chairman of the board. The remuneration packages for both the next financial year have been finalized.
John Turners (left) and Tim Cook (right). Image source: Apple
The agency reported the matter Bloomberg Quoting Apple’s official filing with the U.S. Securities and Exchange Commission (SEC). John Ternus’ base salary for the next fiscal year, which begins at the end of this month, will be $3 million. He also owes $55 million in stock. Tim Cook, who has been at the helm of Apple for the past five years, will lose one and a half times his base salary in his new job, as it will be reduced from $3 million to $2 million per year. He will also receive $45 million worth of Apple stock. By the way, Cook will earn $74.3 million as CEO in 2025. As is the case with Turners, part of the compensation package expressed in Apple stock will depend on market dynamics in its exchange rate. Cook said he intends to remain Apple’s executive chairman for a long time.
Turners will receive $2.5 million worth of Apple stock this year, ending this month. Three-quarters of the compensation will be based on how the stock price performs relative to the rest of the S&P 500 Index. In Tim Cook’s new role, only half of his stock payments will be tied to this market metric. The company did not disclose Turners’ compensation as Apple’s senior vice president, but overall, such responsibilities mean compensation of about $25 million per year. In addition to the base salary amounts listed above, Cook and Turners receive cash bonuses that are typically twice their base salary in their current status.
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