John Ternus Takes Over as Apple CEO With $3 Million Base Salary as Tim Cook Becomes Executive Chairman

John Ternus officially assumed the role of Chief Executive Officer at Apple on September 1, 2026, marking the company's first leadership transition in 15 years. Concurrently, Tim Cook transitioned to the role of Executive Chairman of Apple's board of directors, according to a corporate filing and public announcements. The succession plan received unanimous approval from the Board of Directors when it was initially announced on April 20, 2026.

Under his new appointment, John Ternus receives an annual base salary of $3 million, effective September 1, 2026. His target compensation for fiscal year 2027 is approximately $58 million, which includes an annual equity award valued at $55 million. Tim Cook's new base salary as Executive Chairman is $2 million per year, effective September 26, with a target compensation for fiscal year 2027 of approximately $47 million, including a $45 million equity award. For fiscal year 2025, Cook's total pay package as CEO was $74,294,811.

The exact previous salary of John Ternus in his role as Senior Vice President of Hardware Engineering was not publicly disclosed by Apple. However, Bloomberg reported that executives at that management level typically receive around $25 million annually, including stock, salary, and bonuses. Ternus joined Apple in 2001 as part of the product design team, rising to become vice president of Hardware Engineering in 2013 and senior vice president of Hardware Engineering in 2021.

Reflecting on his departure after 15 years as CEO, Tim Cook stated in a community letter, "It has been the greatest privilege of my life to be the CEO of Apple and to have been trusted to lead such an extraordinary company." Cook also referred to John Ternus as "a brilliant engineer" and expressed pride in Ternus becoming Apple's next CEO. During Cook's tenure, which began in 2011 after Steve Jobs, Apple's market value increased by over $3.6 trillion, reaching a total of $4.6 trillion.

Wedbush Securities technology analyst Dan Ives commented on the transition, noting that these are big shoes to fill and that the timing of Cook exiting stage left as CEO could make sense while also creating questions. Ives suggested that Tim Cook's departure comes at a critical time for Apple due to the company's major transition in its artificial intelligence strategy, describing Cook's exit as a surprise. Following the announcement of the succession plan, investment bank Jefferies downgraded Apple's stock to 'Underperform' on August 10, 2026, and reduced its price target from $285.56 to $263.66.

The transition marks Apple's first CEO change since Tim Cook succeeded Steve Jobs in 2011, two months before Jobs's passing. Under Cook, Apple evolved into a disciplined company focused on refining existing product lines, differing from the approach associated with Steve Jobs's era.

For Apple shareholders, the appointment of John Ternus as CEO could signal a continued emphasis on hardware innovation and integration. Bank of America analyst Wamsi Mohan suggested the possibility of larger acquisitions and new product categories under the new leadership. Meanwhile, Tim Cook, in his new capacity as Executive Chairman, is expected to focus on managing Apple's relationships with key political figures, including President Trump and the Chinese government, per corporate disclosures regarding his ongoing engagement with high-level political and trade matters.