After 15 years at the helm of Apple, Tim Cook has stepped down as CEO, handing over the reins to John Turnus, but he will continue to play a key role in the company and receive a top-level salary.
After 15 years at the helm of Apple, Tim Cook has stepped down as CEO, handing over the reins to John Turnus, but he will continue to play a key role in the company and receive a top-level salary.
According to official documents filed with the US Securities and Exchange Commission (SEC), Cook has taken on the role of executive chairman of the board of directors, Business Insider reports . In the new position, his base annual salary will be $2 million (compared to $3 million as CEO), and he will also receive a stock grant (RSU) with a target value of $45 million for fiscal 2027.
Half of the stock payout will be based on Apple's financial performance relative to other companies in the S&P 500 index, and the other half will vest over four years based on length of service. By comparison, Cook earned about $74 million a year as CEO in recent years, including bonuses.
Apple's new CEO, John Turnus, will receive a base salary of $3 million and a stock package with a target value of $55 million in the first year. At the same time, 75% of his shares are tested on the company's financial results.
The size of Tim Cook's payments indicates that he will remain one of the main figures in the company and will act as a senior advisor to Ternus.
During Cook's years as CEO, Apple's market capitalization has grown dozens of times, and the company's shares have soared by almost 2,300% — from $13 to $317 per share on his last day as CEO.
Additionally, Cook's diplomatic skills and connections with the US and Chinese governments have helped Apple navigate geopolitical turbulence, and his experience is expected to help the company navigate current challenges, including developing an AI strategy and retaining key talent.
