{"text":[[{"start":8.92,"text":"Apple has awarded Tim Cook a pay deal approaching that of his successor John Ternus, signalling that the departing chief executive will continue to play a big role in his new position as executive chair."}],[{"start":21.74,"text":"Cook’s pay package in his new function included $47mn in salary and stock, Apple said in a filing as he assumed the role on Tuesday."}],[{"start":31.4,"text":"Ternus’s base salary had meanwhile been increased to $3mn with a target annual equity award of $55mn in the company’s 2027 fiscal year if performance criteria were met, the company said."}],[{"start":45.68,"text":"Cook’s annual salary has been set at $2mn, with $45mn in planned equity. It would mark a 20 per cent cut to his pay and stock award compared with 2025, although Tuesday’s disclosure did not cover bonuses and other items that will be disclosed later."}],[{"start":61.8,"text":"The handover from Cook to Ternus on Tuesday marks only the second change in chief executive for Apple this century."}],[{"start":68.48,"text":"During his 15-year tenure, Cook has forged a close relationship with Washington and Beijing and become a globally recognisable figure, helping the $4.75tn tech giant navigate the balancing act between being both one of America’s biggest companies and heavily reliant on manufacturing in China."}],[{"start":87.2,"text":"The “executive chair” role was created for Cook, with longtime non-executive board chair Arthur Levinson becoming lead independent director on Tuesday. Levinson was paid just $557,231 for the 2025 fiscal year."}],[{"start":102.72,"text":"Apple has previously said Cook would “assist with certain aspects of the company, including engaging with policymakers around the world”."}],[{"start":110.32,"text":"Wall Street analysts took the announcement as confirming that Cook would continue to act more like an executive than an arm’s-length board member. His large pay deal provides another indication of the scale of the new job."}],[{"start":122.28,"text":"Ternus, a 25-year Apple veteran and hardware engineer, marked his first day on Tuesday with a note to employees thanking Cook and expressing gratitude that he would stay on as executive chair."}],[{"start":133.76,"text":"“I’m honoured to be stepping into this role at what is truly the greatest company in the world, and I am so excited about everything we have in store,” Ternus said in a message seen by the FT."}],[{"start":144.02,"text":"His first major public outing as chief executive will be next Wednesday at Apple’s annual iPhone launch event in Cupertino, where the company is expected to unveil a new foldable smartphone."}],[{"start":155.48,"text":"In his message to staff, Ternus teased a “huge” and “phenomenal” launch next week, adding that he was excited about “the incredible products already in the works and the ones we haven’t even imagined yet”."}],[{"start":167.2,"text":"The pay deal is at the upper end of compensation for an executive chair of a major US company. Morgan Stanley’s James Gorman was awarded $27mn in 2024 when he handed over to his successor, Ted Pick, who got $34mn. Mastercard’s chief executive Ajay Banga took a similar 37 per cent pay cut to $17mn when he stepped down at the end of 2020."}],[{"start":192.36,"text":"Apple’s shares closed up about 2.5 per cent on Tuesday."}],[{"start":196.04,"text":"This article has been updated to clarify the comparison to Cook’s 2025 pay deal."}],[{"start":201.52,"text":"Additional reporting by John Foley"}],[{"start":208.9,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1788322608_3899.mp3"}