Al Gore, the former vice president during the Clinton administration, is being forced to retire from his position on the board of Apple because he’s too old.
In a press release, Apple said that its board has a “longstanding policy” that directors can’t be reelected once they are 75 years old. Gore will turn 76 years old in a few months.
“For more than 20 years, Al has contributed an incredible amount to our work — from his unconditional support for protecting our users’ privacy to his incomparable knowledge of environment and climate issues,” Tim Cook, Apple’s CEO, said in the release.
Gore, who also sits on the board of trustees for the World Economic Forum, is a well-known climate change proponent. Protecting the environment was one of the main focuses of his presidential platform during his unsuccessful run for the White House in 2000.
He is also the chairman and founder of The Climate Reality Project.
According to required SEC filings, Gore earned $376,894 in total compensation last year for his work on the Apple board. About $100,000 of that was paid in cash, while the remainder was stock awards.
Gore served 21 years on Apple’s board, during which time he built up quite a fortune in stock awards. SEC filings show that he owns nearly 470,000 shares in Apple, which have a current value of about $87 million.
75-year old Al Gore is officially too old to serve on Apple’s board – Apple directors cannot stand for reelection after reaching the age of 75. –
Gore received $376,894 as compensation for serving on Apple’s Board of Directors in 2023, according to an SEC filing.…
— Marc Morano (@ClimateDepot) January 12, 2024
Infamously, Gore released information about the upcoming iPhone 5 one month before Apple made that news public. At the time, Apple hadn’t confirmed details about the next iteration of its smartphone, nor had the company even scheduled a date for its annual meeting, which is when most new product launches have been announced.
It marked a big breach in Apple’s typical tight-lipped boardroom.
James Bell, the former CFO of Boeing, will also be retiring from the Apple board due to his age. His 2023 compensation was similar to what Gore earned. The shares that he owns in Apple are worth more than $7 million.
Apple has nominated Dr. Wanda Austin, who is the one-time president and CEO of The Aerospace Corporation, to replace Gore on the board.
