Apple awarded departing CEO Tim Cook a $47 million compensation package as he assumes the newly created executive chair role, according to a filing on Tuesday. The package includes a $2 million salary and $45 million in planned equity, a roughly 20 percent reduction from his 2025 pay. New CEO John Ternus, a 25‑year Apple veteran, received a $3 million base salary with a target $55 million equity award for fiscal 2027.

The transition marks only the second CEO change at Apple this century. Cook, who led the $4.75 trillion company for 15 years, will continue to engage with policymakers worldwide and act more like an executive than a traditional board chair. Former non‑executive chair Arthur Levinson becomes lead independent director, earning $557,231 in fiscal 2025.

Analysts view Cook’s sizable pay as confirmation of his ongoing operational influence. Ternus’s first public appearance will be at next week’s iPhone launch in Cupertino, where a foldable smartphone is expected. Apple shares rose about 2.5 percent on the news.