Apple restructures board in wake of Jerry York's passing
Apple recently repositioned several of its board members to bring the company back into compliance with its own governance guidelines after the sudden death last month of long-time director Jerome York left a void in its leadership.
As first reported by The Wall Street Journal, Apple's website indicates that Avon Chief Executive Andrea Jung, a co-lead director, has been added to the company's audit committee and also appointed chair of the compensation committee, replacing Intuit Chairman Bill Campbell.
Her co-lead director, Genentech Chairman Arthur Levinson, now co-chairs the audit committee with Campbell that York had presided over for more than 12 years. Levinson also remains a chair person on Apple's Nominating Committee.
According to his wife Eilene, York collapsed at his Rochester, Michigan home this time last month and was transferred to Pontiac Osteopathic Hospital by emergency services. He passed away two days later as a result of a massive cerebral hemorrhage he suffered during the collapse.
The former chairman, president and CEO of Harwinton Capital, York joined Apple’s Board of Directors in 1997 when the company was in shambles. He is widely acknowledged for his contributions to the electronics maker during its turnaround, as he similarly was at both IBM and Chrysler, where he held the role of chief financial officer.
Apple has yet to name York's successor and the Journal notes that it's unclear whether it will do so. A person familiar with the matter told the paper that Apple "hasn't yet hired a search firm to fill Mr. York's vacancy and is more likely to tap personal connections to find a candidate, as it has in the past."
As first reported by The Wall Street Journal, Apple's website indicates that Avon Chief Executive Andrea Jung, a co-lead director, has been added to the company's audit committee and also appointed chair of the compensation committee, replacing Intuit Chairman Bill Campbell.
Her co-lead director, Genentech Chairman Arthur Levinson, now co-chairs the audit committee with Campbell that York had presided over for more than 12 years. Levinson also remains a chair person on Apple's Nominating Committee.
According to his wife Eilene, York collapsed at his Rochester, Michigan home this time last month and was transferred to Pontiac Osteopathic Hospital by emergency services. He passed away two days later as a result of a massive cerebral hemorrhage he suffered during the collapse.
The former chairman, president and CEO of Harwinton Capital, York joined Apple’s Board of Directors in 1997 when the company was in shambles. He is widely acknowledged for his contributions to the electronics maker during its turnaround, as he similarly was at both IBM and Chrysler, where he held the role of chief financial officer.
Apple has yet to name York's successor and the Journal notes that it's unclear whether it will do so. A person familiar with the matter told the paper that Apple "hasn't yet hired a search firm to fill Mr. York's vacancy and is more likely to tap personal connections to find a candidate, as it has in the past."
Comments
A person familiar with the matter told the paper that Apple "hasn't yet hired a search firm to fill Mr. York's vacancy and is more likely to tap personal connections to find a candidate, as it has in the past."
[ View this article at AppleInsider.com ]
First piece of advice, fwiw: stay away from the US hardware/software industry.
Second piece of advice, fwiw: You are a global company. Put a non-US person on the Board. Send a signal. (My recommendation: Narayana Murthy; http://en.wikipedia.org/wiki/N._R._Narayana_Murthy).
First piece of advice, fwiw: stay away from the US hardware/software industry.
Second piece of advice, fwiw: You are a global company. Put a non-US person on the Board. Send a signal. (My recommendation: Narayana Murthy; http://en.wikipedia.org/wiki/N._R._Narayana_Murthy).
Why the particular candidate for recommendation?
First piece of advice, fwiw: stay away from the US hardware/software industry.
Second piece of advice, fwiw: You are a global company. Put a non-US person on the Board. Send a signal. (My recommendation: Narayana Murthy; http://en.wikipedia.org/wiki/N._R._Narayana_Murthy).
Sounds like a bad idea. Is he going to teleconference all the meetings or fly in for them? Although Apple hires many people who have immigrated from India, they have very little presence in India. If they were to have a foreign board member (that is okay with the SEC right?), it would make more sense to have someone from China on their board.
Sounds like a bad idea. Is he going to teleconference all the meetings or fly in for them? Although Apple hires many people who have immigrated from India, they have very little presence in India. If they were to have a foreign board member (that is okay with the SEC right?), it would make more sense to have someone from China on their board.
Apple computers are used by majority of people in Bollywood industry and seem as premium computer. A large number of graphic, artistic people use Apple. There are many retailers and Croma, the large Electronic store in india, a joint venture by TATA & Woolworth (Australia) have a full range of selection of Apple products, which appeal is growing very fast.
Not sure were you get your information from.
P.S. Narayana has houses and business in US, like many Indian companies/successful people and traveling is not an issue. He would work his schedule to fit necessary meetings like any good corporate businessman.
Here are some facts on Narayana http://www.infosys.com/about/managem...na-murthy.aspx
Why the particular candidate for recommendation?
Did you have the chance to look at the link? Anyway, see below.
Sounds like a bad idea. Is he going to teleconference all the meetings or fly in for them? Although Apple hires many people who have immigrated from India, they have very little presence in India. If they were to have a foreign board member (that is okay with the SEC right?), it would make more sense to have someone from China on their board.
Teleconference? Problem flying in for meetings? OK with the SEC? Quite apart from the fact that these are non-issues in a modern global corporation, Infosys is a $36B mkt cap, Level 3 ADR, listed on the NASDAQ (http://www.google.com/finance?client=ob&q=NASDAQ:INFY). It is commonly acknowledged to be one of the great companies of the world.
It had nothing to do with the fact that the guy is Indian. He is non-US, well-known, and widely respected globally. That aside, I was simply looking for someone who is a visionary, out-of-the-box, socially-conscious, ethical, superbly intelligent, entrepreneur/leader who understands cross-border business, and his name came to mind.
Do you have any suggestions from China (or elsewhere) that fit the bill? If so, please suggest them.
First piece of advice, fwiw: stay away from the US hardware/software industry.
Second piece of advice, fwiw: You are a global company. Put a non-US person on the Board. Send a signal. (My recommendation: Narayana Murthy; http://en.wikipedia.org/wiki/N._R._Narayana_Murthy).
Intriguing suggestions. I like the idea of someone who has a more international perspective. I'd prefer the person to be an American citizen with an international background, but I have no specific people in mind.
I wonder if it would be useful to have someone on the board with telecom experience?
Apple should appoint Tim Cook to the Board. To recognize his contributions to the company.
That's an interesting idea, but shouldn't a board be comprised of people in related areas that would help in making decisions about growing the business in new directions? I think Cook is a supremely competant person, but I'm more intrigued with the idea of a telecom person on their board... How about Craig McCaw?
That's an interesting idea, but shouldn't a board be comprised of people in related areas that would help in making decisions about growing the business in new directions? I think Cook is a supremely competant person, but I'm more intrigued with the idea of a telecom person on their board... How about Craig McCaw?
Yeah, a Board seat is not a 'reward' for competent management. The role of the Board is to provide oversight over management.
I am not thrilled about a telecom person on the Board. It is a luddite industry with yesterday's business model and zero innovation.
Arguably, one of reasons that Apple is so successful is because they did not adopt a 'telecom mindset' when they got into the industry.
Apple should appoint Tim Cook to the Board. To recognize his contributions to the company.
On March 15, 2010 Tim received $5 million cash bonus and 75,000 shares of restricted stock.
http://tech.fortune.cnn.com/2010/03/...arthly-reward/
And less than 2 weeks later, he sold stock grants worth $68.8 mil.
http://tech.fortune.cnn.com/2010/03/...illion-shares/
How much more recognition does he need?
Also, Board of Directors are supposed to have independence from the company. Cook's financial ties would compromise that independence.
First piece of advice, fwiw: stay away from the US hardware/software industry.
Second piece of advice, fwiw: You are a global company. Put a non-US person on the Board. Send a signal. (My recommendation: Narayana Murthy; http://en.wikipedia.org/wiki/N._R._Narayana_Murthy).
Nothing impressive me less than India's cap on salaries and his listing of only $50k per year as a founder of a multi-billion dollar corporation. I'd be more impressed if it said $1 or actual compensation, but it's clear he's got his money like most Hindus--filtered out over many areas to keep below their tax ceiling.
A services company known as a head shop to professional consultants in the US is the last place Apple will draw from when looking for a board member.
Apple will not go abroad for it's board.
They will draw from within blue chip companies domestically. I'm surprised no mention of Disney's CEO, Robert Iger.
.... it's clear he's got his money like most Hindus--filtered out over many areas....
Nice bit of religious/ethnic slamming/stereotyping there, buddy. Hope you got your kicks for the day. (Sounds like someone whose job may have got outsourced).
They will draw from within blue chip companies domestically. I'm surprised no mention of Disney's CEO, Robert Iger.
Yeah, and appoint Mickey Mouse as chief corporate spokesman. No wait, there's Goofy......
Murthy and his family have truly global connections and perspective. One daughter and her husband are Stanford grads with financial experience in Silicon Valley and London. Murthy is semi-retired and on advisory boards at Harvard and Yale, and probably would have no difficulty serving actively on the Apple board. His business experience is simply sterling.
Let's face it - while Jobs has been out front - Tim Cook has been behind the curtain pulling so many of the levers that have inspired Apple's recent gains. Adding him to the board now would put him out front as Steve's de facto successor and provide some necessary seasoning. Certainly at some point Apple will need another top inside guy as a director. The only question is when.
Elon Musk is an innovator - having founded PayPal and Tesla Motors. He's the youngest of the group and would be a big idea source and a spur perhaps to fresh ventures. A South African native, his is another family with global connections, and he is a dual threat with strong educational credentials in economics and physics.
But the loss of Jerry York's financial acumen leaves a big gap not completely filled by any of the other current directors or the aforementioned suggestions, despite their considerable talents. One could say that Apple is sitting on an embarrassment of financial riches at the moment. First and foremost, it seems, they need a real money and finance expert with a solid track record to offer counsel on when and how best to deploy Apple's resources without costly mistakes that only squander the shareholders' wealth.
So first get a money maven on board. There's nothing to say that the board size has to remain at six, so an additional member or two may be warranted without it becoming bloated.
Bring back Avie. Seriously.
Yeah, and appoint Mickey Mouse as chief corporate spokesman. No wait, there's Goofy......
Sorry, Steve Ballmer already has a job.
Which reminds me: DO NOT bring in a sales guy.
Apple surely knows better, but I thought I'd throw out a little reminder.
They will draw from within blue chip companies domestically. I'm surprised no mention of Disney's CEO, Robert Iger.
I doubt Apple wants to set up an interlocking directorate with Disney, since they already aroused the attention of the SEC over Schmidt and Levinson being on Google's board.
I doubt Apple wants to set up an interlocking directorate with Disney, since they already aroused the attention of the SEC over Schmidt and Levinson being on Google's board.
Steve Jobs already sits on Disney's board and is its largest individual shareholder.
Steve Jobs already sits on Disney's board and is its largest individual shareholder.
Exactly my point. It would look bad for Apple to add Disney's CEO to their board.
He's from India and used to work at Apple.
Do it as part of the overall Adobe merger.
Exactly my point. It would look bad for Apple to add Disney's CEO to their board.
They serve different industries and if there was ever to be a controversy it's not Iger people would be concerned with, but Steve being on Disney's board while being the single largest share holder.
Iger, if he has any Apple stock, is no where near the top of the list of Apple's largest share holders.