Apple's two longtime directors are set to retire
Apple just made a big change in its board of directors. Two longstanding directors, Al Gore and James Bell, are retiring, marking one of the biggest shake-ups in years. Wanda Austin, former Aerospace Corp. CEO, is nominated to take their place. This board upheaval is a rare occurrence for Apple, known for minimal board changes at a time.
Both retiring directors are over 75
The board rejig at Apple aligns with the company's policy which prevents directors from standing for reelection after the age of 75. Both Bell and Gore are now 75 years old. Bell became a board member in 2015 after serving as an executive at Boeing. Gore, the former US Vice President, has been a director for over 20 years. Gore holds the record as the longest-serving member, having joined in 2003 during the leadership of co-founder Steve Jobs.
Wanda Austin's track record
The new nominee, Austin, is known for her impressive record in driving innovation and shaping corporate strategy. Despite her expertise in space exploration, a field beyond Apple's direct focus, Austin is expected to be elected at the company's annual shareholder meeting on February 28. "She's an extraordinary leader, and her invaluable experience and expertise will support our mission of leaving the world better than we found it," said Apple's CEO Tim Cook.
Another director is staying on despite Apple's age policy
Contrary to Apple's age policy, another director, Ronald Sugar, is turning 76 this year and is not slated to step down from the board. Apple explained that Sugar is remaining "in consideration of the significant recent transitions in board composition and the value of retaining directors who have developed deep insights into the company during their tenure." Given Apple's rationale for retaining Sugar, it's unclear if the policy will apply to Chairman Arthur Levinson, who turns 75 next year.
