Apple CEO John Ternus started Tuesday. His $55 million award starts next year

Another day, another dollar. But for John Ternus, who started Tuesday as Apple’s CEO, the amounts come with a lot more zeroes after them.

The Apple board handed the newly minted CEO of the $4.75 trillion iPhone maker a massive new compensation package to kickstart his tenure, with more to come if Apple’s pay history is any guide. Apple gave Ternus a salary bump to $3 million and granted him restricted stock units valued at $2.5 million, prorated for the few weeks he’ll serve as CEO before the end of Apple’s 2026 fiscal year. The board separately approved an annual equity award for fiscal 2027 with a target value of $55 million. Three quarters of the equity award will vest based on Apple’s total shareholder return relative to other S&P 500 companies. The rest will vest on a clock, 12.5% every six months over four years. 

Tim Cook, who after 15 years as CEO is sticking aro...