Apple sets Tim Cook’s chair pay at $47 million after CEO handover
Apple has disclosed a $47 million package for Tim Cook in his new executive chair role, alongside a $58 million pay deal for chief executive John Ternus.
Apple has set Tim Cook’s compensation at $47 million as he moves into the role of executive chair, according to a regulatory filing released this week. The package comes after he passed the chief executive job to John Ternus on Tuesday.
Cook’s deal includes a $2 million salary and $45 million in stock awards. Half of the shares depend on performance targets, while the rest will vest over four years.
The filing also showed that Ternus will receive a $58 million package as Apple’s new chief executive, made up of salary and target stock awards. Apple is one of the world’s largest technology companies, with a market value of about $4.7 trillion.
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