Apple sets compensation targets for new chief Ternus, outgoing Cook

Apple has disclosed the compensation targets for its leadership transition, with incoming Chief Executive Officer John Ternus set to receive $73 million in total pay, while outgoing CEO Tim Cook will receive $59 million as he concludes a 15-year tenure leading the technology giant.

Ternus, 51, brings extensive experience from his role as Senior Vice President of Hardware Engineering at Apple. His compensation package reflects the company's confidence in his ability to lead the organisation through its next phase of growth and innovation.

Cook, 65, has helmed Apple since 2011, a period that saw the company expand its services business, introduce major product lines, and maintain its position as one of the world's most valuable corporations. His departure marks a significant transition for the iPhone maker.

The compensation figures were disclosed in regulatory filings as part of Apple's standard corporate governance practices. Both executives' packages typically include base salary, performance-based incentives, and equity awards tied to company performance metrics.

The leadership change represents one of the most significant transitions in Apple's recent history, as Ternus assumes responsibility for overseeing the company's operations across hardware, software, and services divisions during a period of rapid technological change and competitive pressures in the global technology sector.