Apple restructures board in wake of Jerry York's passingApple 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 Apples 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."
On Topic: Investor
- Rockstar patent sale could net Apple $392 million in March quarter
- Predicting better-than-expected margins, RBC ups Apple price target to $142
- Apple to reveal fiscal Q2 2015 earnings on April 27
- Seeing Android switchers fueling iPhone growth, Cowen & Co. raises Apple price target to $135
- Apple subscription TV plan could help push services to 20% of company's earnings, Morgan Stanley says