Apple (AAPL) finally filled a vacant board position. Today they announce the appointment of former Northrop Grumman Corp. Chairman and Chief Executive Ronald Sugar to its board. The move grows the panel to seven and comes following March’s death of Jerome York.
Jerome York passed away eight months ago and it has taken this long for Steve Jobs to get around to finding a replacement. The board is now seven individuals. I assume Jerome York’s stock options are all priced over $300 @ share. The board’s size is inadequately small. For a company this size seven directors is not enough to discharge the full spectrum of governance responsibilities.
This will eventually prove to be the Achilles heel of Apple. They do not have the bench strength to deal with problems and crisis.
Disclosure: George Gutowski writes from a caveat emptor perspective. I hold no positions in stocks mentioned in this post.
- Apple names Ronald D. Sugar to board (sfgate.com)
- Former Northrop Grumman CEO Joins Apple Board to Replace Jobs Critic (cultofmac.com)
- Apple names Ronald D. Sugar to board (seattletimes.nwsource.com)
- Former Defense Contractor CEO Joins Apple’s Board (mashable.com)
- Former Northrop Grumman CEO Ronald Sugar joins Apple’s Board of Directors (edibleapple.com)