Tim Cook has been awarded a compensation package valued at about $47 million as he moves from Apple's chief executive role to become executive chair, following the handover of day-to-day leadership to longtime hardware executive John Ternus.

Cook's package consists of a $2 million base salary and equity awards with a target value of $45 million. Half of the share award is linked to performance, while the remainder is scheduled to vest over four years.

Ternus, who succeeded Cook as chief executive on September 1, is set to receive a $3 million salary and an annual equity award targeting $55 million. Most of Ternus's equity compensation is linked to Apple's performance relative to the wider stock market.

Apple announced the succession plan in April, ending Cook's 15-year tenure as chief executive. He took control of the company in 2011 after Steve Jobs and presided over a dramatic rise in Apple's market value.

As executive chair, Cook is expected to remain involved in Apple's engagement with governments and policymakers, while Ternus assumes responsibility for operations and product strategy.