Tim Cook handed $47m package for new role as executive chair of Apple
Summary
Tim Cook has been paid $47 million as Apple’s new executive chair after stepping down as CEO. His successor, John Ternus, will receive a $3 million salary and a $55 million share award, with expectations of new product launches and AI integration at Apple.Key Facts
- Tim Cook received a $47 million pay package as executive chair of Apple.
- Cook’s pay includes a $2 million base salary and $45 million in shares, half based on performance goals.
- John Ternus succeeded Cook as Apple’s CEO with a $3 million salary and $55 million in shares.
- Apple’s stock price increased by 2,200% since Cook became CEO in 2011.
- Ternus previously led Apple’s hardware engineering teams and will oversee product development.
- Apple is expected to reveal a foldable iPhone at its event on September 9.
- Cook’s new role involves working with global policymakers and maintaining Apple’s relationship with President Donald Trump.
- Cook’s final memo to employees emphasized Apple’s focus on its products and praised Ternus’s skills.
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