Tim Cook’s old new job, light socket crypto, permadirectors at Enphase, and 13G nanny state

Story of the Week (DR):

Tim Cook Could Still Out-Earn Apple's New CEO John Ternus Under a Special Pay Arrangement

Apple set John Ternus's fiscal 2027 salary at $3M and his annual equity award at $55M, giving him a calculated fiscal 2027 salary-and-equity package of $58M.

Cook will receive a $2M salary and a $45M annual equity award as executive chair, giving him a calculated salary-and-equity package of $47M.

Almost all of the value in both packages comes through Apple shares rather than salary. Ternus has 75% of his equity award tied to performance, while Cook has 50% tied to performance.

That structure gives Ternus greater exposure to performance, for better or worse. If Apple performs strongly against other S&P 500 companies, Ternus could receive more from his equity award. If the performance-based awards pay little or nothing, Cook could receive more from salary and equity even though he is no longer CEO. Cook also has a retirement provision that Ternus does not have.

Volkswagen Supervisory Board Approves Plan To Slash Models & Reduce Workforce By 100,000

In June, Volkswagen Group CEO Oliver Blume had a plan to close four factories in Germany and eliminate 100,000 workers, both in Germany and around the world, by 2030. It said the plan would be made public at a company board meeting on July 9.

July 9 came and went, and the plan did not get the approval from the board of directors that Blume expected. The vote was 12 against and only 7 in favor of Blume’s vision.

Then, on September 3, 2026, Volkswagen Group announced that the plan submitted in June had been approved unanimously by the supervisory board.

CEO Oliver Blume: “The Supervisory Board has unanimously approved the Executive Board’s Future Plan presented today. This is a strong sign for the future of the Volkswagen Group. We are taking responsibility for our entire team, for our partners and for industrial jobs worldwide.”

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