The value of the new grants to Ternus and Cook will fluctuate based on Apple’s stock price. Cook has said he plans to stay in his new role as executive chairman for a long time.

While Tim Cook's legacy and John Ternus's effectiveness will be studied for years, right now Apple is making a change of CEO seem effortless. But never doubt that this will be a sea change for the company,

Tim Cook's era at Apple is coming to a close. Here's how his impact will be remembered—and what John Ternus needs to tackle first.