Apple set a pay package worth $58 million for new CEO John Ternus, who formally took the reins from longtime chief executive Tim Cook on Tuesday. His compensation includes a $3 million annual salary and equity grants valued at $55 million to be awarded in the company’s fiscal 2027, which starts in October.
The tech giant disclosed Ternus’ pay, along with Cook’s new contract as executive chairman, in an SEC filling today. Cook’s annual salary will be $2 million, effective September 26. He’ll also receive an equity award for fiscal-year 2027 with a target value of $45 million.
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