Tim Cook handed $47m package for new role as executive chair of Apple

John Ternus, left, is taking over as Apple’s chief executive from Tim Cook, who spent 15 years in the role. Composite: Bloomberg, AFP, Getty Images

Tim Cook has received a $47m (£35m) pay deal as Apple’s executive chair, a remuneration package that nears the level set for his successor as chief executive.

Cook, who handed over to John Ternus on Tuesday, will be paid a base salary of $2m and $45m worth of shares. Half of the share award will be based on performance targets being met, while the remaining half will be paid out over four years.