Overview
- Apple filed an amended Form 8‑K on Tuesday, September 1, that formally records John Ternus’s start as CEO and details the company’s new executive pay arrangements.
- Ternus’s fiscal 2027 target package totals about $58 million and includes a $3 million base salary, a $55 million annual equity award and a one‑time prorated $2.5 million RSU grant for partial 2026 service.
- Roughly 75% of Ternus’s $55 million award consists of performance‑based restricted stock units that vest based on Apple’s total shareholder return versus other S&P 500 companies, with the remaining 25% vesting on a four‑year time schedule.
- Tim Cook moved to executive chairman with a reduced $2 million salary and a target equity award around $45 million that is split between performance‑ and time‑based RSUs, which cuts his direct CEO-era target pay from 2025 levels.
- The ultimate value of both executives’ awards will rise or fall with Apple’s share price and vesting outcomes, and Ternus’s early leadership will be watched at Apple’s scheduled September 9 product event as an initial signal of his strategic priorities.