Apple waives age cap for two board members, including Chair Levinson
The tech giant’s board said it determined it would be in the best interests of Apple and its shareholders to ask Art Levinson and audit committee chair Ron Sugar to stand for re-election.
Apple’s board has waived its age cap so two members, including Chair Art Levinson, can stand for re-election.
The tech giant’s board said in a Thursday filing it determined it would be in the best interests of Apple and its shareholders to ask Levinson and audit committee chair Ron Sugar to stand for re-election.
As a result, the board waived for each of them its guideline stipulating directors may not be re-elected after hitting age 75.
The board cited Levinson’s and Sugar’s expertise, experience and knowledge of Apple’s business. They are two of the longest-serving board members, and have been on the board longer than Apple Chief Executive Tim Cook.
Levinson, 75, has served on Apple’s board since 2000 and became chair in 2011. He is chief executive of the health company Calico.
Sugar, 77, has been a director since 2010. He served as chair and chief executive of Northrop Grumman until retiring in 2010.
Over the past four years, the board has added three new members, representing more than a third of membership. Two long-serving members retired during that time.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
topics
