Tim Cook handed $47m package for new role as executive chair of Apple

Pay and shares deal nearly matches $58m award to John Ternus, his successor as CEO at the $4.7tn tech company

Tim Cook has received a $47m (£35m) pay deal as Apple’s executive chair, a remuneration package that nears the level set for his successor as chief executive.

Cook, who handed over to John Ternus on Tuesday, will be paid a base salary of $2m and $45m worth of shares . Half of the share award will be based on performance targets being met, while the remaining half will be paid out over four years.

Ternus will receive a base salary of $3m and a $55m share award, with the latter more weighted to performance. Cook’s total compensation as CEO for 2025 exceeded $74m.

Cook took over from the late Steve Jobs in 2011 with a reputation as an operations specialist. The stock has risen 2,200% since he took charge, with Apple now valued at about $4.7tn.

He built the tech company’s sophisticated supply chain and is succeeded by a 51-year-old engineer and longstanding Apple employee, who built products as senior vice-president of hardware engineering.

Ternus’s role meant he ran the engineering teams behind Apple’s entire product lineup, including the iPhones that generate most of the company’s revenue. Analysts are not only anticipating new products but also further progress on integrating AI into Apple hardware.

Ternus’s first big public moment at Apple will be at its annual iPhone event on 9 September, where a foldable handset is expected to be revealed.

Cook’s new mandate includes engaging with policymakers around the world and will involve maintaining the company’s relationship with Donald Trump. In a final memo to employees on Monday, he focused on Apple’s products.

“Few people understand what it takes to build products that change the world the way John does,” he said.