Tim Cook is not leaving Apple anytime soon
What's the story
Tim Cook has stepped down as Apple's CEO after a successful 15-year tenure. However, he won't be leaving the company anytime soon. According to Bloomberg's Mark Gurman, Cook will continue to play an important role in the company as its executive chairman. The leadership transition has been planned in such a way that it gives new CEO John Ternus a fresh start while keeping Cook closely involved with Apple.
Transition details
New office and pay package
As part of the transition, Cook has been given a new office at Apple Park. He has moved out from the CEO's office, which will now be occupied by Ternus.
Cook's new pay package is also a major indicator that he isn't going into full retirement. According to Gurman, his salary for 2027 will be $2 million with an additional stock award worth around $45 million.
Leadership shift
Ternus also gets a hefty pay package
Along with Cook, Ternus has also been given a lucrative pay package as Apple's new CEO. His salary is $3 million with a stock award worth $55 million.
This shows that both executives will be compensated well for their roles in the company's future.
Cook's new package is unusually large for an executive chairman and shows how important Apple expects him to remain, Gurman reported.
Ongoing influence
Cook to remain involved in key areas
Cook is expected to remain involved in some key areas, especially Apple's relationship with the US government and China. These are two areas where he has played a major role for years.
He will also help Apple tackle other important business issues as the company enters a new phase under Ternus.
Despite stepping down, Cook has said that Apple will remain his top priority even after leaving the CEO role.