Apple Undergoes Its Biggest Board Shakeup In Years

Mark Gurman reports via Bloomberg: In one of Apple's biggest board shake-ups in years (Warning: source may be paywalled; alternative source), longtime directors Al Gore and James Bell will be retiring from the company, with former Aerospace Corp. Chief Executive Officer Wanda Austin coming aboard. The company made the announcement Thursday, citing a policy of directors not standing for reelection after the age of 75. Bell, a former Boeing Co. executive, joined the Apple board in 2015, while former US Vice President Gore has been a director for more than two decades. Both men are 75.

The upheaval is unusual for Apple's board, which rarely has more than one retirement at a time. Gore was the longest-serving member -- having joined in 2003, when co-founder Steve Jobs was CEO and the iPhone didn't yet exist. '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 in a statement. 'James's dedication has been extraordinary, and we're thankful for the important perspectives and deep expertise he's offered on audit, finance, and so much more over the years.'

Austin, the new nominee, has a significant track record of 'advancing innovation and shaping corporate strategy,' Apple said. She has long been a major proponent of US space exploration efforts, though that's not an area that Apple is directly involved in. She will be up for election at the company's annual shareholder meeting on Feb. 28. In spite of the age policy, another director, Ronald Sugar, is turning 76 this year and not slated to leave the board. Apple said 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.

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