Apple Exec Succession: Cook Becomes Chairman, New CEO Ternus Takes Helm
Bastillepost · 1 SOURCESabout 2 hours ago2 MIN
Summary
Apple has completed its chief executive transition with Tim Cook moving to the role of Executive Chairman while maintaining active involvement in the company's most critical affairs. Bloomberg reports indicate this is far from a ceremonial position—Cook's compensation package totals $47 million, substantially higher than the under $560,000 his predecessor Art Levinson received for a non-executive chair role. Apple's September 9 product launch event officially shifted the spotlight to new CEO John Ternus as the company unveils its first foldable iPhone, reportedly named "iPhone Duo" rather than the previously rumored "iPhone Ultra."
Key Points
- Tim Cook's compensation as Executive Chairman includes $2 million base salary plus $45 million in restricted stock units worth $47 million total
- John Ternus receives $3 million base salary and $55 million in stock awards as the new CEO, with the iPhone Duo expected to launch at the event
- Cook is expected to continue addressing major issues like memory chip shortages and will maintain an office at Apple Park
- Apple veteran Phil Schiller, 66, steps back from day-to-day operations but remains to lead unspecified special projects after concerns about App Store profit-maximization strategies
- Bloomberg's Mark Gurman estimates up to half of Apple's current management team may depart in the coming years as Ternus reshapes leadership
Why It Matters
The leadership transition signals Apple's most significant internal restructuring in over a decade, with Ternus inheriting both the challenge of launching innovative products like the foldable iPhone and managing potential exodus of experienced executives. The App Store strategy disagreement between Ternus, Eddy Cue, and Schiller highlights growing tensions over how Apple should balance profit growth against regulatory and developer relations.
The leadership transition signals Apple's most significant internal restructuring in over a decade, with Ternus inheriting both the challenge of launching innovative products like the foldable iPhone and managing potential exodus of experienced executives. The App Store strategy disagreement between Ternus, Eddy Cue, and Schiller highlights growing tensions over how Apple should balance profit growth against regulatory and developer relations.