New Delhi, Sept. 2 -- iPhone maker Apple Inc. is paying its former Chief Executive Officer (CEO), Tim Cook, a $47 million compensation package as he transitions to the newly created role of executive chairman. The latest arrangement puts Cook's pay close to that of new CEO John Ternus and suggests that the former CEO is likely to remain deeply involved in the company.

The Financial Times reported the development on Tuesday (local time), stating that Cook's compensation package of $47 million includes a $2 million annual salary and $45 million in planned equity. In a US Securities and Exchange Commission (SEC) filing, the company noted that the current CEO's base salary has now been raised to $3 million, with a target annual equity award ...