California: (RightNow) John Turns has been appointed as the new Chief Executive Officer of Apple, succeeding former head Tim Cook. Cook led the company for 15 years and will now serve as Executive Chairman.

John Turns assumed the CEO role on September 1. His annual salary is set at $3 million, with an additional $2.5 million in prorated restricted stock units.

According to company documents, John Turns could earn a performance bonus of $55 million. This bonus will be in the form of Apple shares and will depend on the company’s revenue.

This appointment is a significant development for Apple as the company’s financial performance will be linked to the new CEO’s effectiveness. This change could also impact the company’s future strategy.

It is noteworthy that Tim Cook, as Executive Chairman, will receive an annual salary of $2 million and an equity award of $45 million, half of which is performance-based, with the remainder distributed over the fiscal year.