Former Vice President Al Gore is set to leave Apple’s board in February after serving as a director for more than two decades, the tech giant announced in an SEC filing yesterday (Jan. 11). Also stepping down from the board is James Bell, the former chief financial officer at Boeing. They will be replaced by former Aerospace CEO Wanda Austin, pending a shareholder vote at Apple (AAPL)’s annual shareholder meeting next month, according to the filing.
Gore and Bell both turned 75 last year, making them too old to be reelected as board members under Apple’s policy.
“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 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.”
Gore and Bell both earned about $380,000 in cash and stock awards last year as Apple’s board directors, according to the SEC filing. Over his 21 years with the company, Gore has amassed Apple shares worth more than $87 million. Bell, who has been a board member since 2015, owns Apple stock worth more than $7 million, the filing revealed.
Their replacement, Austin, is 69. She was the president and CEO of Aerospace Corporation from 2008 through 2016. She was the first woman and African American person to run the company.
“Like Apple, I’ve always believed in the power of innovation to improve lives, support human potential, and shape a better future,” Austin said in a statement. “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.”
“She’s an extraordinary leader, and her invaluable experience and expertise will support our mission of leaving the world better than we found it,” Cook said in his statement.
If Austin gets elected at next month’s shareholders meeting, Apple’s board will consist of eight directors:
- Authur Levinson, founder and CEO of Calico
- Tim Cook, CEO of Apple
- Alex Gorsky, former chair of Johnson & Johnson
- Susan Wagner, cofounder and director of BlackRock
- Andrea Jung, president and CEO of Grameen America
- Monica Lozano, former president and CEO of College Futures Foundation
- Ronald Sugar, former chair and CEO of Northrop Grumman Corporation
- Wanda Austin, former president and CEO of Aerospace Corporation