Former Vice President Al Gore speaks throughout the Agriculture Innovation Mission (AIM) for Local weather Summit on the JW Marriott on Could 08, 2023 in Washington, DC.
Chip Somodevilla | Getty Photos
Former Vice President Al Gore is leaving the Apple board in February after greater than 20 years, the corporate mentioned Thursday.
Gore, together with former Boeing CFO James Bell, will retire on the firm’s annual shareholder assembly subsequent month.They will get replaced by former Aerospace CEO Wanda Austin, pending a shareholder vote, the corporate mentioned in an SEC submitting.
Each Gore and Bell are retiring as a result of they’re 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 assist for safeguarding our customers’ privateness, to his incomparable data of atmosphere and local weather points,” CEO Tim Cook dinner mentioned in an announcement. “James’s dedication has been extraordinary, and we’re grateful for the essential views and deep experience he is supplied on audit, finance, and a lot extra through the years.”
In his 21 years on the board, Gore has earned a fortune in inventory awards. Gore owns 468,955 shares, that are at present valued at greater than $87 million, in keeping with the proxy submitting. His complete 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 keeping with SEC filings.
Bell, who was on Apple’s audit and finance committee, owns shares price over $7 million. His annual compensation was just like Gore’s pay.
Apple has nominated Austin, 69, for election to its board of administrators. She was the Aerospace CEO from 2008 by means of 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 Expertise and the NASA Advisory Council.
Cook dinner, 63, has inventory models scheduled to vest by means of 2026, however has began to publicly focus on retirement and govt succession planning. He mentioned 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.
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