Apple Announces John Ternus as New CEO, Tim Cook Transitions to Executive Chairman

Apple Inc. announced a significant leadership transition with John Ternus, former hardware engineering chief, taking over as CEO. Tim Cook will transition to the role of Executive Chairman. Cook's compensation package for his new role is $47 million, a 20% reduction from 2025, while Ternus will receive a base salary of $3 million and potential stock awards of $55 million.