Tim Cook has stepped down as Apple chief executive but will remain closely involved in the company as executive chairman, with a target compensation package worth about $47 million (£36 million).
John Ternus, Apple’s former senior vice-president of hardware engineering, formally succeeded Cook on 1 September 2026 after the technology giant’s board approved the leadership change earlier this year. Cook’s new role will include helping Apple engage with policymakers around the world. ([apple.com](https://www.apple.com/newsroom/2026/04/tim-cook-to-become-apple-executive-chairman-john-ternus-to-become-apple-ceo/))
Apple’s regulatory filing said Cook would receive an annual salary of $2 million from 26 September, alongside an equity award with a target value of $45 million for the company’s 2027 financial year.
Half of the share award will be tied to Apple’s performance against other companies in the S&P 500, while the remainder will vest in stages over four years. The filing also sets out special provisions allowing the award to continue vesting if Cook retires after the first anniversary of the grant. ([sec.gov](https://www.sec.gov/Archives/edgar/data/320193/000114036126035325/ef20081427_8ka.htm?utm_source=openai))
Tim Cook’s continuing role in Apple’s relationship with Trump
Cook’s continued presence is expected to be particularly valuable as Apple manages its relationship with President Donald Trump, whose tariff policies have placed pressure on the company’s manufacturing network across Asia.
During his 15 years as chief executive, Cook developed unusually direct access to Trump. In 2019, Trump explained the relationship by telling reporters: “He’s the one that calls me.”
The connection has not prevented clashes. In May 2025, Trump criticised Apple’s plans to expand iPhone production in India and said the company should manufacture more devices in the United States. He later threatened a tariff of at least 25 per cent on iPhones made outside the country. ([apnews.com](https://apnews.com/article/f6a31e6d375d5c87b6e80d9cd15e4b71?utm_source=openai))
Cook subsequently appeared alongside Trump at the White House, where Apple announced an additional $100 billion commitment to US manufacturing. That followed a $500 billion investment pledge made earlier in 2025, including plans to create 20,000 jobs. ([reutersconnect.com](https://www.reutersconnect.com/item/us-president-trump-and-apple-ceo-cook-announce-apples-100-billion-investment-in-us-manufacturing-at-the-white-house/dGFnOnJldXRlcnMuY29tLDIwMjU6bmV3c21sX1JDMlgxR0FSNlVaNA?utm_source=openai))
Apple’s reliance on suppliers and factories in China, India and other parts of Asia means Cook’s policy role will extend beyond Washington. He has also been involved in maintaining the company’s relationship with Beijing as tensions between the United States and China have intensified.
Cook became Apple CEO in 2011, shortly before the death of co-founder Steve Jobs. Under his leadership, the company’s market capitalisation rose from about $350 billion to roughly $4 trillion, while Apple expanded its services business and introduced products including the Apple Watch, AirPods and Vision Pro. ([apple.com](https://www.apple.com/newsroom/2026/04/tim-cook-to-become-apple-executive-chairman-john-ternus-to-become-apple-ceo/))
Ternus, 50, joined Apple in 2001 and became head of hardware engineering in 2021. He has worked on the iPad, AirPods, iPhone, Mac and Apple Watch, but now faces wider challenges including Apple’s attempts to strengthen its position in artificial intelligence and manage its global supply chain. ([d18rn0p25nwr6d.cloudfront.net](https://d18rn0p25nwr6d.cloudfront.net/CIK-0000320193/91808dbf-ef51-4e87-a000-6af8b0fc1b32.pdf))
Apple has set Ternus’s annual salary at $3 million and approved a target equity award worth $55 million for 2027, giving the new chief executive a target package of about $58 million.
