Apple’s directors are planning to meet Tuesday and are expected to discuss possible replacements for the board seat recently vacated by Google’s. Chief Executive Eric Schmidt, reported the Wall Street Journal. Schmidt left Apple’s board late last month, as the company cited potential conflicts as Apple’s and Google’s businesses increasingly overlap. The departure came as his membership on the two companies’ boards also was being scrutinized by the Federal Trade Commission. Mr. Schmidt had been a board member since 2006. Other Apple board members besides Chief Executive Steve Jobs include Intuit Chairman Bill Campbell, former Vice President Al Gore, Avon Products CEO Andrea Jung, former Chrysler finance chief Jerome York, J. Crew Group CEO Millard Drexler and Genentech Inc. Chairman Arthur Levinson. Apple’s bylaws stipulate its board can have five to nine members; its board historically maintained between seven and eight members. The board has been criticized for a lack of independence from Jobs. Half of the company’s six outside directors have served for at least a decade, which some governance experts say is too long to maintain their independence from the CEO of a company.
Apple Board Plans Meeting to Discuss Schmidt Seat
Schmidt left Apple’s board late last month, as the company cited potential conflicts as Apple’s and Google’s businesses increasingly overlap.
August 14, 2009