Apple plans to pay its new Chief Executive John Ternus an annual salary of $3 million, plus a targeted annual stock award of $55 million for fiscal 2027.
Apple increased Ternus’s annual salary effective Tuesday, the day he officially took the helm of the iPhone maker, according to a filing with the Securities and Exchange Commission.
For the targeted annual equity award, 75% of that will be granted in performance-based restricted stock units that vest based on Apple’s total shareholder return relative to other companies in the S&P 500. The rest will be granted in time-based RSUs that vest semiannually in equal installments of 12.5% over four years, the company said.
Ternus will also get a prorated restricted stock unit award with a target value of $2.5 million for the time he spends as CEO in fiscal 2026, the company said.
Apple also disclosed it will pay former CEO Tim Cook an annual salary of $2 million, effective Sept. 26, and a targeted equity award of $45 million for fiscal 2027.
Write to Kelly Cloonan at kelly.cloonan@wsj.com
