Apple yesterday added over $100m to its market value as its new “engineering genius” CEO John Ternus began his tenure at the fruity vendor.
The iPhone and Mac maker consolidated its position as the world’ second-most valuable company behind NVIDIA as its shares leapt nearly 3%.
Ternus will be paid $3m in fiscal 2027, an SEC filing reveals, with Tim Cook’s pay packet dropping by a third to $2m as he steps back to the role of Executive Chair of Apple’s board.
The duo are set to receive total compensation packages of $58m and $47m respectively, according to Bloomberg.
hello— John Ternus (@johnternus) September 1, 2026
In a possible play on the message shown when Apple products start up, Ternus began his tenure by tweeting the word ‘hello’ from a newly set up account on X.
In response, Elon Musk tweeted his ‘congrats’, while the IBM X account waved at Ternus using an emoji of Simpsons character Ralph Wiggum.
Apple partners in April hailed Ternus – who was previously VP of Hardware Engineering – as “just what it needs” as he was unveiled as Cook’s successor.
The 51-year-old joined Apple in 2001 as a product development engineer.
He has “the mind of an engineer, the soul of an innovator, and the heart to lead with integrity and with honour,” Cook said at the time.
In his new role, Cook will assist with certain aspects of the company, including engaging with policymakers around the world.
In a tweet on Monday, Cook sent his “love” to the Apple community on his last day as CEO.
“My title changes tomorrow, but the love I have for the Apple community never will. Thank you for being a constant source of inspiration. My gratitude is endless, and I’m excited for the next chapter,” he wrote.
