Former Vice President Al Gore, age 75, is exiting Apple’s board of directors nearly two decades after reaching the company’s age limit, the company announced on Thursday.
In addition to Gore, another member exiting from its eight-panel board is former Boeing CFO James Bell, who has been on the board since 2015. According to Apple’s long-standing policy, once reached, the board member can’t stand for re-election.
Former president and CEO of The Aerospace Corporation, Wanda Austin, will have her nomination for a board seat discussed at Apple’s annual meeting on February 28.
“Like Apple, I’ve always believed in the power of innovation to improve lives, support human potential, and shape a better future. I’m honored to join Apple’s board of directors, and I look forward to being part of a company that’s always creating new ways to empower people all over the world,” Austin said.
“For more than 20 years, Al has contributed an incredible amount to our work. From his unconditional support for protecting our users’ privacy to his incomparable knowledge of environment and climate issues,” Apple CEO Tim Cook said.
“James has provided extraordinary dedication, and we’re thankful for the essential perspectives and expertise he’s offered on audit, finance, and much more over the years,” Cook continued.
Gore owns more than 468,000 shares of common stock, stock worth more than $87 million. Gore earned an estimated $380,000 in compensation, which includes $280,000 in stock awards and $100,000 in cash during fiscal 2023.
Despite Apple’s long-standing age limit policy, another board member, Ronald Sugar, 76, retains his position. Members at Apple said they would keep Sugar in his position, consider the drastic transition of board members, and retain valuable members of the company.
Apple says they are retiring due to policy of leaving at age 75. Ronald Sugar, also 75, remains on the board because of his experience, they say. Also important: Apple chairman Art Levinson is 73. Tim Cook pay for 2023 came in at $63 million, up from $49 million target. https://t.co/lKnyplvKRO
— Mark Gurman (@markgurman) January 11, 2024
Given Apple’s decision to retain Sugar, it’s unclear if they will stick to their age limit policy for Chairman Arthur Levinson, who turns 75 next year.
The recent shake-up has Americans wondering, “Why aren’t there age-limit policies for members of our government?” We could only hope!
