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

Pay and shares deal nearly matches $58m award to John Ternus, his successor as CEO at the $4.7tn tech company Business live – latest updates 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…