Apple says longtime directors Al Gore and James Bell are retiring from the board

Former Vice President Al Gore speaks throughout the Agriculture Innovation Mission (AIM) for Climate Summit at the JW Marriott on May 08, 2023 in Washington, DC.

Chip Somodevilla | Getty Images

Former Vice President Al Gore is leaving the Apple board in February after greater than 20 years, the firm said Thursday.

Gore, together with former Boeing CFO James Bell, will retire at the firm’s annual shareholder assembly subsequent month.They’ll get replaced by former Aerospace CEO Wanda Austin, pending a shareholder vote, the firm stated in an SEC submitting.

Both Gore and Bell are retiring as a result of they are now 75, and Apple’s coverage forbids board members from being reelected at that age.

“For greater than 20 years, Al has contributed an unimaginable quantity to our work — from his unconditional help for shielding our customers’ privateness, to his incomparable data of setting and local weather points,” CEO Tim Cook stated in an announcement. “James’s dedication has been extraordinary, and we’re grateful for the necessary views and deep experience he is provided on audit, finance, and a lot extra over the years.”

In his 21 years on the board, Gore has earned a fortune in inventory awards. Gore owns 468,955 shares, which are at present valued at greater than $87 million, in line with the proxy submitting. His whole board compensation for 2023 was about $377,000, which included money of $100,000 and inventory awards of round $275,000.

Gore served on Apple’s compensation and company governance committees, in line with SEC filings.

Bell, who was on Apple’s audit and finance committee, owns shares value over $7 million. His annual compensation was much like Gore’s pay.

Apple has nominated Austin, 69, for election to its board of directors. She was the Aerospace CEO from 2008 by 2016, and sits on the Amgen and Chevron boards. Austin has served on a number of authorities committees, together with the President’s Council of Advisors on Science and Technology and the NASA Advisory Council.

Cook, 63, has inventory items scheduled to vest by 2026, however has began to publicly discuss retirement and executive succession planning. He stated in a podcast interview in November that Apple has detailed plans to select its subsequent CEO from inside the firm. Apple’s board is concerned in that course of.

WATCH: We like the Mag 5 but are not fans of Apple or Tesla

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *