Apple Inc. will pay Tim Cook $47 million as he assumes the newly created role of executive chair, the company announced. This compensation package closely matches the pay of Apple's new CEO, John Ternus, signaling Cook's continued significant involvement with the company. The announcement was made public on September 2, 2026, marking a major leadership transition at the iPhone maker, according to livemint.com.
The transition follows Cook stepping down as CEO after a decade at the helm. Apple created the executive chair position to retain Cook's expertise and leadership within the company. The compensation package includes salary and other benefits totaling $47 million annually. John Ternus, previously Apple's hardware chief, took over as CEO, reflecting a planned succession strategy. The details were reported by livemint.com on the day of the announcement.
This leadership change comes as Apple continues to compete in the global technology market with rivals like Samsung and Google. Cook’s pay package is comparable to other top executives in the tech industry, underscoring Apple's commitment to retaining top talent during its leadership shift. The move also aligns with industry trends where former CEOs take on executive chair roles to provide strategic guidance while new CEOs manage daily operations.
Apple's next quarterly earnings report, scheduled for October 28, 2026, will be the first under CEO John Ternus. Investors and market watchers will assess how the leadership change impacts Apple's performance and strategic direction. The company’s decision to offer Cook a $47 million package highlights the importance of continuity in its executive leadership structure, livemint.com reported.