Apple has officially appointed John Ternus as its new CEO, marking the most significant leadership transition at the company in over a decade. Ternus, who previously served as the senior vice president of hardware engineering, assumed the role on September 1, 2026. Tim Cook, who led the company for 15 years, has transitioned to the position of executive chairman of the board.
A regulatory filing with the Securities and Exchange Commission revealed that Ternus will receive a target compensation package valued at $58 million annually. This figure comprises a $3 million base salary and $55 million in target equity awards. The equity portion is split between performance-based restricted stock units, which depend on Apple’s total shareholder return relative to the S&P 500, and time-based units that vest over four years.
Tim Cook’s new role as executive chairman comes with a target compensation of $47 million for fiscal 2027. This package includes a $2 million base salary and $45 million in equity awards. According to Apple, Cook will focus on managing the company’s relationships with government entities, including the U.S. administration and the Chinese government.
Ternus brings a background deeply rooted in product development to the CEO role. Having joined Apple in 2001, he played a central role in the transition to Apple silicon and oversaw the hardware engineering for major product lines including the iPhone, Mac, and iPad. His leadership bio on Apple’s website emphasizes a continued focus on hardware innovation, material design, and product durability.
The transition occurs as Apple navigates shifts in the technology industry, including the integration of new AI capabilities and the development of future hardware categories. Analysts and observers have noted that Ternus faces the challenge of balancing the maintenance of Apple’s current profitable product ecosystem with the potential need to innovate or replace existing offerings to remain competitive.