The long-awaited leadership change at Apple has taken place. Tim Cook, who has begun his new role as Chief Executive Officer, will receive a $47 million salary and stock package, while John Ternus will become the company’s new CEO.
“Elchi” reports that a new era has begun at Apple, the world’s most valuable technology company with a valuation of $4.7 trillion. Tim Cook, who has led the company since 2011, has handed over the CEO position to John Ternus, one of the company’s hardware architects.
Cook will receive a $47 million package as his new role, consisting of a $2 million base salary and $45 million in stock.
Ternus, who has begun his duties, will be entitled to a total of $58 million, consisting of a $3 million base salary and a $55 million performance-based stock bonus.
New job description after historic growth
Since taking office after Steve Jobs, Cook has overseen a 2200% increase in the company’s stock value and built a revolutionary supply chain that increased Apple’s market value from $350 billion to $4.7 trillion.
In his new role, Cook will manage relationships with global politicians, maintain diplomatic ties with China, which is a vital production hub for the company, and balance relations with the Washington administration. In a farewell letter to employees, Cook emphasized that he is leaving the company’s future in capable hands and expressed full confidence in Ternus’s ability to create world-changing products.
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