Al Gore exiting Apple’s board of directors after hitting age limit

Business

By Thomas Barrabi

Former vice president Al Gore is retiring from Apple’s board of directors after more than two decades as part of a major shakeup, the company announced Thursday.

Gore, 75, had served as a board director for the Cupertino, Calif.-based company since 2003.

Also exiting from the eight-member board is former Boeing CFO James Bell, also 75, who had held a seat since 2015.

Apple’s board has a longstanding policy that directors can’t stand for re-election once they turn 75. Gore and Bell had both hit the age cap.

Wanda Austin, former president and CEO of The Aerospace Corporation, was nominated for a board seat.

Her confirmation is pending a shareholder vote at Apple’s annual meeting on Feb. 28.

“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,” Cook added.

Gore has earned a major financial windfall during his lengthy stint at the iPhone maker. He owns more than 468,000 shares of common stock — a stake worth more than $87 million.

During fiscal 2023, Gore earned approximately $377,000 in compensation, including $275,022 in stock awards and $100,000 in cash.

Bell owns 38,527 shares of Apple common stock with a current value of more than $7 million.

He received the same stock and cash compensation as Gore in 2023.

Cook said Austin “has spent decades advancing technology on behalf of humanity, and we’re thrilled to welcome her to Apple’s board of directors.”

Austin already serves as a board director for Amgen and Chevron.

She previously held a seat on the board of space firm Virgin Galactic.

Despite the age limit policy, another board director, Ronald Sugar, 76, is retaining his position.

Apple said it would keep Sugar in place “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.”