Tim Cook Steps Down After Fueling a 2,200 Percent Rally for Apple
Apple said Ternus will get a $3 million salary and a $55 million stock award, while Cook shifts to executive chair after 15 years as CEO.
- On Tuesday, Apple transitioned leadership as John Ternus became CEO, succeeding Tim Cook, who assumed the newly created role of executive chair. The change marks only the second chief executive shift for the company this century.
- During his 15-year tenure, Cook transformed Apple into a $4.75 trillion tech giant, with the company's split-adjusted stock price rocketing nearly 2,300% from about $13 to $317 by the close of his final day.
- Cook's new package includes $47 million in salary and stock, while Apple disclosed Ternus will receive a $3 million salary with a $55 million target equity award. Arthur Levinson became lead independent director.
- Ternus will make his first public appearance as CEO next Wednesday at Apple's annual product launch event in Cupertino, while Cook will "assist with certain aspects of the company, including engaging with policymakers around the world."
- The structure mirrors Warren Buffett's transition at Berkshire Hathaway, where he remained as chairman. Ternus expressed excitement for "the incredible products already in the works," teasing a "huge" and "phenomenal" launch next week.
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The departure from the head of the company is hardly significant financially for Tim Cook. As the new head of the board of directors of Apple, he covers a handsome compensation package and remains financially almost on equal footing with his successor.
Tim Cook is no longer the Managing Director of Apple, but will continue to receive a salary according to a Managing Director, writes Business Insider. Cook taught this week the Apple leadership of John Ternus, a former vice president for the company's hardware engineering, after he had suddenly announced in April that he would resign from the position of Managing Director...
Apple announces succession: Tim Cook will leave command and John Ternus will be new CEO On September 1st, a new era begins at Apple, with John Ternus becoming the third man to occupy the position of CEO of the technology giant since 1997. Ternus was announced as Tim Cook's successor in April, ending Cook's 15th year ahead of one of the world's largest companies.Do you have any suggestions for reporting? Send to g1 Since then, Ternus, one of the …
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