Former Vice President Al Gore will step down from the Apple board in February after serving for over two decades, the company recently announced. Gore and former Boeing CFO James Bell, both 75 years old, are retiring in line with Apple’s policy which disallows board members from being reelected at this age.
They are slated to be replaced by former Aerospace CEO Wanda Austin, subject to shareholder approval at next month’s annual meeting, according to an SEC filing by the company.
CEO Tim Cook said in a statement;
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. 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.
During his 21-year tenure on the board, former Vice President Al Gore accrued substantial wealth via stock awards, presently owning 468,955 shares worth over $87 million, as per the proxy filing. Gore’s total board compensation for 2023 amounted to approximately $377,000, comprising a cash component of $100,000 and stock awards approximating $275,000. Gore was a member of Apple’s compensation and corporate governance committees.
James Bell, a member of Apple’s audit and finance committee, owns shares worth around $7 million, with a yearly compensation similar to Gore’s.
Apple has nominated 69-year-old Wanda Austin for a seat on its board of directors. Austin served as Aerospace CEO from 2008 to 2016 and currently holds positions on the boards of Amgen and Chevron. Her experience includes serving on numerous government panels like the President’s Council of Advisors on Science and Technology and the NASA Advisory Council.
Apple’s CEO, 63-year-old Tim Cook, has stock units scheduled to vest until 2026, but has begun discussing retirement and succession planning publicly. According to Cook, Apple has put detailed plans in place to select its next CEO internally, with the board playing an integral role in the process.
