Apple Inc. plans to pay its new chief executive, John Turnus, an annual salary of $3 million, as well as a targeted annual share-based bonus worth $55 million, starting from the 2027 financial year, which begins on 26 September.
As noted in the company’s statement, former CEO Tim Cook, who has moved to the role of Executive Chairman of the Board, will receive a salary of $2 million and a share-based bonus package worth $45 million.
Ternus succeeded Cook and took the helm at Apple on 1 September.
Cook joined the company in 1998 and took over as CEO in 2011, succeeding Apple co-founder Steve Jobs. Under Cook’s leadership, the company’s revenue grew from $108 billion at the start of his tenure to $416 billion last year, whilst profits more than quadrupled.
Apple’s market capitalisation has risen by almost 20 per cent this year (to $4.75 trillion), whilst the S&P 500 index has risen by 11.5 per cent.