Tim Cook Steps Down as Apple CEO, to Receive 64.5 Billion Won Compensation as Chairman of the Board

Appointed as New Board Chairman, Among Top U.S. Corporate Compensations

"Expected to Take on Managerial Rather Than Merely Board Member Role"

After retiring as CEO and stepping back from management, Tim Cook is set to take on a new role as Chairman of the Board at Apple. His total compensation package is expected to reach approximately 60 billion won.

According to financial media outlet the Financial Times (FT) on September 1 (local time), Cook's total compensation will be approximately 47 million dollars (around 6.45 billion won). In 2024, when Cook served as CEO, he received 74 million dollars (about 10.14 billion won). This represents about a 40% reduction compared to his compensation as CEO.

Apple CEO Tim Cook is being photographed at an event held on January 9th (local time) in Los Angeles, California, USA. Photo by Reuters Yonhap News Agency

Cook’s compensation is slightly lower than that of newly appointed CEO John Turnus, who will receive 58 million dollars (about 7.95 billion won). If Turnus meets performance targets and other criteria, Apple will also grant him stock awards valued at 55 million dollars (about 7.54 billion won) for the 2027 fiscal year.

FT analyzed that Cook’s compensation ranks among the highest for board chairpersons at major U.S. corporations. When former Morgan Stanley CEO James Gorman handed over his position to CEO Ted Pick in 2024, he received 27 million dollars (about 3.7012 billion won). Former Mastercard CEO Ajay Banga received post-retirement compensation of approximately 17 million dollars (about 2.33 billion won).

FT commented that Cook’s compensation is “another indicator of the weightiness of the new position.” The publication also reported that “the market expects Cook to play a more significant role as a manager rather than merely as a board member.” Previously, Apple stated in its personnel announcement, “Cook will support specific areas of the company, such as communication with policymakers around the world.”

Meanwhile, Apple has changed CEOs twice in the 21st century. After succeeding former CEO Steve Jobs, Cook is credited with boosting Apple’s stock price by over 2,000% during his tenure and shipping more than 3.1 billion iPhones, leading the company into a new golden era.

As Cook moves to the role of Chairman of the Board, newly appointed CEO Turnus thanked his predecessor Cook and others at his inauguration ceremony on the 1st. In a letter to employees, he stated, “It is an honor to take on this role at the world’s greatest company, and I am very excited about what we are preparing.” CEO Turnus is set to begin his major official duties by attending Apple’s annual iPhone launch event on September 9.

This content was produced with the assistance of AI translation services.