John Ternus has taken over as Apple chief executive from Tim Cook with a newly disclosed pay package that sets his annual salary at $3 million and pairs it with large equity awards, while Cook moves to executive chairman after a 15-year run that built a company valued at roughly $4.6 trillion. In a regulatory filing tied to the Sept. 1 handover, Apple said Ternus will receive a prorated restricted stock unit award with a target value of $2.5 million for fiscal 2026 and an annual equity award with a target value of $55 million for fiscal 2027. Cook will draw a $2 million annual salary effective Sept. 26, 2026, and a fiscal 2027 equity award targeted at $45 million, after total compensation of $74.3 million in fiscal 2025 that included $57.5 million in stock awards, $12 million in performance-based pay and a $3 million salary. About eight days into the role, Ternus told employees the company’s Sept. 9 “Surprise and Shine” launch will be phenomenal, with expectations centered on iPhone 18 Pro models, a rumored foldable iPhone Ultra, refreshed Apple Watch models and updated AirPods. The new packages keep Apple’s top leadership anchored in long-term equity incentives on a scale broadly similar to Cook’s recent pay, as Ternus inherits pressure to advance artificial intelligence and reduce manufacturing dependence on China while Cook remains involved with policymakers.