Apple announced Thursday that former Vice President Al Gore will retire from Apple’s board of directors after more than two decades as part of a major shakeup.
Gore (75 years old) has been a director of the company’s board of directors, which is headquartered in Cupertino, California, since 2003.
Also leaving the eight-member board is former Boeing CFO James Bell, also 75, who has held a seat since 2015.
Apple’s board of directors has a long-standing policy that directors cannot run for re-election once they reach age 75. Both Gore and Bell had reached the maximum age.
Wanda Austin, former president and CEO of Aerospace Corporation, has been nominated for a seat on the board of directors.
Its confirmation is awaited by a shareholder vote at Apple’s annual meeting on February 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 unparalleled knowledge of environmental and climate issues,” Apple CEO Tim Cook said in a statement.
“James’ dedication has been exceptional, and we are grateful for the important perspectives and deep experience he has provided in audit, finance and more over the years,” Cook added.
Gore earned significant financial gains during his long stint at the iPhone manufacturer. He owns more than 468,000 shares of common stock – a stake worth more than $87 million.
During fiscal year 2023, Gore received 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 cash and stock compensation as Gore in 2023.
Austin “has spent decades advancing technology on behalf of humanity, and we are thrilled to welcome her to Apple’s board of directors,” Cook said.
Austin already serves as a director on the boards of Amgen and Chevron.
She previously held a seat on the board of directors of space company Virgin Galactic.
Despite the minimum age policy, another board member, Ronald Sugar, 76, retains his position.
Apple said it would keep Sugar in place “taking into account recent significant shifts in board composition and the value of retaining directors who have developed deep insights into the company during their tenure.”