Tim Cook steps down as Apple CEO with $47m pay package

Tim Cook gave up the corner office this week, but not much else. Apple's regulatory filing on Tuesday shows Cook will earn a $2 million salary as executive chairman, down from $3 million as CEO, alongside a $45 million equity award for fiscal 2027, putting his total target compensation at roughly $47 million, nearly matching new CEO John Ternus's $58 million package.

Ternus, who officially became CEO on September 1 after 15 years under Cook, will receive a $3 million salary and a $55 million annual equity award, according to the SEC filing.

Three-quarters of that award is tied to Apple's shareholder return relative to other S&P 500 companies, while the remaining quarter vests over four years.

Cook earned about $74 million in total compensation in each of fiscal 2024 and 2025, so his new package represents a steep cut, just not the kind that suggests he's stepping back from Apple's inner circle.

Cook's arrangement echoes Warren Buffett's move at Berkshire Hathaway, where he handed the CEO role to Greg Abel at the start of the year but stayed on as chairman, still advising on stock picks.

Buffett has credited Cook directly for outsized returns, telling Berkshire shareholders his $35 billion Apple stake grew to $185 billion in value before taxes, including dividends.

Apple's stock climbed nearly 2,300% during Cook's 15 years as CEO, closing at $317 on his final day before ticking up almost 3% to $325 the next session.

Beyond the numbers, Cook built relationships with the Trump administration and Chinese officials that Apple leaned on through recent geopolitical friction, connections Ternus may still need as he settles in.