John Ternus has taken over as Apple’s chief executive officer, succeeding Tim Cook after his 15-year tenure at the technology giant. An updated US Securities and Exchange Commission filing has revealed that Ternus will receive a compensation package valued at $58 million, or about Rs 550.2 crore, for fiscal 2027.

Under the package, Ternus will receive an annual base salary of $3 million, equivalent to around Rs 28.4 crore. He is also set to receive an annual equity award with a target value of $55 million, or approximately Rs 521.7 crore, in fiscal 2027. For fiscal 2026, Ternus will receive a prorated restricted stock unit award worth about $2.5 million.

The filing details a performance-linked structure for Ternus’ equity compensation. Around 75 per cent of the fiscal 2027 equity award will come through performance-based restricted stock units, with vesting linked to Apple’s total shareholder return relative to other companies in the S&P 500. The remaining 25 per cent will comprise time-based stock units that vest semiannually.

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Cook, meanwhile, will continue with Apple in his new role under a revised compensation structure. His annual salary will be reduced to $2 million from $3 million, while his fiscal 2027 equity award will have a target value of $45 million, or about Rs 427.3 crore. Half of that award will consist of performance-based RSUs and the other half of time-based RSUs vesting over four years.

Cook became Apple CEO in August 2011 after succeeding co-founder Steve Jobs and oversaw a major expansion of the company’s business. During his tenure, Apple broadened its portfolio beyond the iPhone to include a wider ecosystem of devices, software, subscriptions and financial services. The company’s market value rose from around $350 billion when he took charge to more than $4.3 trillion, while its shares recorded substantial gains during the period.

Ternus joined Apple’s design team in 2001 and later rose to become senior vice president of hardware engineering, reporting to Cook. He has led engineering teams responsible for Apple’s product lineup, including the iPhone. His elevation comes just days before Apple’s annual iPhone event on September 9, where the company is expected to unveil new products, including a possible first foldable iPhone.

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