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US-based Apple Inc.’s new Chief Executive Officer John Ternus will receive a compensation package worth about $58 million in fiscal 2027, while outgoing CEO Tim Cook is set to receive about $47 million in his new role as executive chairman, as per multiple reports.

Reports said the company disclosed the compensation details in a filing with the US Securities and Exchange Commission on Tuesday, the first day of Ternus’ tenure as CEO.

Ternus will receive an annual base salary of $3 million and a stock award with a target value of $55 million for fiscal 2027. He will also receive a prorated restricted stock unit award worth about $2.5 million for fiscal 2026, which ends in September.

About 75 per cent of Ternus’ equity award will be linked to Apple’s performance relative to the S&P 500, while the remaining 25 per cent will consist of time-based stock units that vest semiannually.

Cook will see his annual salary fall to $2 million from $3 million as he moves to the executive chairman role, the reports said. However, his 2027 stock award will have a target value of $45 million with half of the equity award tied to Apple’s performance relative to the S&P 500.

In addition, Cook’s total compensation as Apple CEO in 2025 was $74.3 million.

The value of the stock awards for both executives will fluctuate with Apple’s share price. Apple did not disclose in Tuesday’s filing the potential cash bonuses for the executives, which are typically based on their salaries and performance.

Cook is handing over the CEO role to Ternus after 15 years at the helm during which Apple expanded into new product categories and grew annual revenue to nearly $500 billion.

Moreover, the tech giant’s shares gained more than 2,200 per cent during Cook’s tenure.

Ternus — who took charge of the CEO on Tuesday — previously served as Apple’s senior vice president of hardware engineering.