Tim Cook scores $47 million pay deal to stay on as Apple’s chairman

Tim Cook is no longer Apple’s CEO, but he’ll continue to collect a CEO-sized paycheck.

This week, Cook handed Apple’s reins to John Ternus after 15 years in charge, and took on the role of executive chair.

Cook’s new job pays a $2 million salary instead of $3 million, and comes with an annual equity award with a target value of $45 million for fiscal 2027, Apple said in a regulatory filing on Tuesday.

Half of that award comprises performance-based restricted stock units (RSUs) that will vest based on Apple’s total shareholder return relative to other S&P 500 companies. The other half is time-based and will vest over a four-year period.

As CEO…