Apple's Executive Chair Handover | Priced Continuity

The Cook-to-Ternus succession is settled in title but not in power. The pay split Apple filed on the new chief executive's first day tells you where the board thinks the risk still sits.

Apple has priced its most sensitive transition of the century not around the incoming operator but around the outgoing one. Apple has effectively unbundled the CEO job. Ternus gets product, operations, and the P&L; Cook re‐ tains the geopolitical and relationship perimeter under a chair title. The pay symmetry is the tell — you don't pay a ceremonial chair four-fifths of the CEO's number. You pay for a portfolio you can't afford to have lapse.

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