Ternus will earn a $3 million annual salary and a $55 million stock award target, while Tim Cook's new chairman role is valued at $47 million

John Ternus takes over as Apple CEO on September 1, succeeding Tim Cook. He's already restructuring Apple's design team and shifting management

New Apple chief John Ternus debuts amid foldable iPhone and AI race

Apple will see Ternus take over from Tim Cook on Tuesday