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

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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.