Leadership Change at Apple as John Ternus Takes Over as New CEO
A major leadership transition has taken place at technology giant Apple, with long-time executive John Ternus taking over the top title.
Following a leadership change at Apple, Tim Cook handed over the CEO position to former hardware chief John Ternus. Tim Cook will continue his duties at the company as chairman of the board, while Ternus has become the new CEO.
A New Era at Apple
The anticipated leadership transition at Apple's top management officially took place this week, entrusting company management to a new name.
Transition to Chairman of the Board
Tim Cook will step down as CEO and continue his work at the company with the title of chairman of the board.
John Ternus's Career
Having been with the company for about 25 years, 51-year-old John Ternus stepped into the chief's seat following a career ranging from the product design team to heading hardware engineering. Up to now, Ternus has managed the company's core hardware processes, primarily the iPhone.
Financial Rights and Packages
During the transition process, Tim Cook will receive a salary and stock package worth $47 million. John Ternus, who takes over the role, will have total entitlements worth $58 million, consisting of a $3 million base salary and a performance-based stock award of $55 million.
Future Plans and Launch
John Ternus's first published message included a promise of a major launch next week. This timing moves Apple's next iPhone event into the new CEO's area of responsibility.