Tim Cook to be paid $47mn as Apple’s executive chair

Apple announced that Tim Cook, current CEO, will transition to Executive Chairman of the company's board of directors, effective September 1, 2026. John Ternus, who currently serves as Senior Vice President of Hardware Engineering, will succeed Cook as the next Chief Executive Officer. This leadership change was unanimously approved by Apple's Board of Directors and is the culmination of a thorough and long-term succession planning process.

As Executive Chairman, Cook will continue to assist Apple with various aspects, including engagement with global policymakers. He expressed immense pride in his tenure as CEO and confidence in Ternus, highlighting Ternus's engineering mind, innovative spirit, and integrity. Cook will work closely with Ternus through the summer to ensure a smooth transition.

Arthur Levinson, who has been Apple's non-executive chairman for 15 years, will become its lead independent director on September 1, 2026, the same date Ternus will join the board. Levinson praised Cook's leadership for transforming Apple into the world's leading company, increasing its market capitalization from approximately $350 billion to $4 trillion, and nearly quadrupling annual revenue to over $416 billion in fiscal year 2025. Levinson also expressed strong belief in Ternus's ability to lead Apple into the future.

Tim Cook's compensation for 2025 was approximately $74.3 million, a slight decrease from $74.6 million the previous year. This package included a $3 million salary, $57.5 million in stock awards, $12 million in non-equity incentive plan compensation, and $1.7 million in other compensation. Under Cook's leadership since 2011, Apple has introduced significant products like Apple Watch, AirPods, and Apple Vision Pro, expanded its services to a $100 billion business, and made considerable strides in environmental sustainability, privacy, and accessibility.

Cook's tenure also saw Apple transition to its own designed silicon, leading to enhanced performance and power efficiency across its products. The company's global footprint expanded significantly, now operating in over 200 countries and territories with more than 500 retail stores. Additionally, Apple's active installed base grew to over 2.5 billion devices, and its team members increased by more than 100,000 under his guidance.