Apple has approved a compensation package worth around $58 million (₹551 crore) for new CEO John Ternus after he took charge this week. The package includes a $3 million salary and stock grants, while outgoing CEO Tim Cook will receive around $47 million as executive chairman under the company’s new leadership structure.

Apple has fixed a compensation package worth roughly $58 million (about ₹551 crore) for John Ternus, who took over as the company's Chief Executive Officer (CEO) this week.

The filing, submitted to the US Securities and Exchange Commission, marked the first day of Ternus's tenure as CEO. Bloomberg reports that outgoing chief executive Tim Cook, who has moved into the newly created role of executive chairman, will draw a compensation package of approximately $47 million (roughly Rs. 446 crore).

According to the report, Ternus's pay structure includes an annual base salary of $3 million along with a stock grant carrying a target value of $55 million for fiscal 2027. For the current fiscal year, he has also been awarded a prorated restricted stock unit grant worth $2.5 million, covering the period he serves as CEO before fiscal 2026 closes.

The bulk of Ternus's equity award is tied to performance: three-quarters of the stock grant will vest based on Apple's total shareholder return measured against other S&P 500 companies, while the remaining quarter consists of time-based units vesting in installments over four years.