Apple‘s new CEO John Ternus officially took over the company Tuesday, and the veteran tech executive will be getting a hefty pay raise alongside the new title and responsibilities.

According to an SEC filing Tuesday afternoon, Ternus will receive a $3 million salary, paired with annual equity awards valued at $55 million. He will also receive a one-time prorated $2.5 million RSU grant. His annual equity award will see 25 percent of shares vest over time, and the remaining 75 percent vesting based on Apple’s performance compared to other companies in the S&P 500 index.

The nature of equity grants and RSUs means that the final value of the shares he received will depend on what happens with Apple’s stock price.

Meanwhile, former Apple CEO Tim Cook will still receive a hefty compensation package in his new role as executive chair. Cook will receive a $2 million salary alongside a $45 million equity award, with half vesting over time, and the other half vesting based on Apple’s performance.

Ternus takes over Apple at a critical moment for the tech company, which is navigating a mature smartphone market and the explosive growth of AI companies. But he will also have to help Apple navigate its future in entertainment, with Apple TV and Apple Music core pieces of the tech giant’s services business.

Eddy Cue, the Apple executive who oversees services, including Apple TV, is adding oversight of the Apple app store this week as well.