Former vice president Al Gore will step down from Apple's board of directors after more than 20 years as part of a major shakeup, the company announced Thursday.
Mr. Gore, 75, had been a director of the Cupertino, Calif.-based company since 2003.
Former Boeing CFO James Bell, 75, who has held the seat since 2015, will also step down from the eight-member board.
Apple's board of directors has a long-standing policy that prohibits directors from standing for re-election once they reach the age of 75. Both Mr. Gore and Mr. Bell had reached the age limit.
Wanda Austin, former president and CEO of Aerospace Corporation, has been nominated as a director candidate.
Her approval awaits a shareholder vote at Apple's annual meeting on February 28.
“For more than 20 years, Al has made incredible contributions to our work, from his unconditional support for protecting user privacy to his unparalleled knowledge of environmental and climate issues.” Apple CEO Tim Cook said in a statement.
“Mr. James's dedication has been extraordinary, and we are grateful for the critical perspective and deep expertise he has provided over the years in audit, finance and more,” Cook added.
Mr. Gore amassed a large fortune during his long stint at the iPhone maker. He owns more than 468,000 shares of his common stock, which makes his shares worth more than $87 million.
During fiscal year 2023, Mr. Gore earned approximately $377,000 in compensation, including $275,022 in stock awards and $100,000 in cash.
Mr. Bell owns 38,527 shares of Apple common stock with a current value of more than $7 million.
He received the same stock and cash compensation as Mr. Gore in 2023.
Cook said Austin has “spent decades advancing technology for humanity, and we are thrilled to welcome her to Apple's board of directors.”
Austin already serves on the boards of Amgen and Chevron.
She also previously served on the board of space company Virgin Galactic.
Despite the age restriction policy, another board member, Ronald Sugar, 76, will remain in his job.
Apple said it was retaining Sugar “given the recent significant changes in the composition of the board and the value of retaining directors who have developed deep insight into the company during their tenure.”
