Tim Cook to Receive $47 Million as Apple Chairman, Nearly Matching His Successor’s Pay

Tim Cook is stepping away from Apple’s executive leadership after 15 years, but his compensation will remain close to that of the CEO replacing him. Apple said Cook will receive about $47 million in total pay in his new role as board chairman.

The package includes a $2 million base salary and $45 million in stock compensation. It represents a reduction of about 40% from the roughly $74 million Cook received for the 2024 and 2025 fiscal years. Even after the cut, the package ranks among the highest levels of compensation for board chairmen at major U.S. companies.

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The size of the compensation is another indicator of the weight of the new position.

John Ternus, Apple’s new CEO, is expected to receive slightly more, about $58 million. His base salary has risen to $3 million, and Apple plans to award him stock worth about $55 million for fiscal 2027 if he meets performance criteria.

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The market expects Cook to perform more of an executive role than a role as a board member.

The Financial Times said the size of Cook’s compensation offered another measure of the weight attached to his new position. It reported that markets expect Cook to perform more of an executive role than a typical board member. Apple previously said Cook would support selected areas of the company, including communication with policymakers around the world.

The succession marks Apple’s second CEO change of the 21st century. During Cook’s tenure, Apple’s share price rose by more than 2,000%, while the company shipped more than 3.1 billion iPhones. Cook is moving into a newly created chairmanship, while longtime nonexecutive chairman Arthur Levinson becomes lead independent director. Ternus’s first major official event as CEO is Apple’s annual iPhone launch on the 9th, where the company is expected to unveil a new foldable smartphone.

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I am honored to take on this role at the world’s best company, and I am very excited about what we are preparing.