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November 17, 2010, 10:43 AM EST
By Hugo Miller
(Adds biographical data in third paragraph.)
Nov. 17 (Bloomberg) -- Apple Inc. appointed to its board Ronald D. Sugar, former chairman and chief executive officer of defense contractor Northrop Grumman Corp.
Sugar, 62, will serve as the board’s audit and finance committee chairman, the Cupertino, California-based maker of iPhones and iPads said in a statement today. Sugar headed Northrop, the third-largest U.S. military contractor, from 2003 until stepping down as chairman and CEO at the end of last year.
Sugar, who holds a doctorate in engineering from the University of California Los Angeles, has been involved in the development of “some very sophisticated technology,” Apple CEO Steve Jobs said in the statement. The appointment expands the board to seven members, which includes Jobs, Intuit Inc. Chairman Bill Campbell and former U.S. Vice President Al Gore.
Apple has faced criticism from corporate-governance advocates that Jobs had too much sway over a group of hand- picked directors, including allegations that the close-knit board may have affected the limited disclosure about Jobs’s health problems. The company appointed Avon Products Inc. CEO Andrea Jung as a co-lead director in December, replacing Campbell, who remains on the board.
The board stood behind Jobs in 2006 after the U.S. Securities and Exchange Commission began an investigation into stock-option backdating. Jobs admitted to recommending some favorable dates on options other than his own. A special board committee led by Gore exonerated him of misconduct.
Apple rose 94 cents to $302.53 at 10:26 a.m. New York time in Nasdaq Stock Market trading. The stock climbed 43 percent this year before today.
--Editors: Romaine Bostick, Lisa Wolfson.
To contact the reporter on this story: Hugo Miller in Toronto at hugomiller@bloomberg.net.
To contact the editor responsible for this story: Peter Elstrom at pelstrom@bloomberg.net.
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(Adds biographical data in third paragraph.)
Nov. 17 (Bloomberg) -- Apple Inc. appointed to its board Ronald D. Sugar, former chairman and chief executive officer of defense contractor Northrop Grumman Corp.
Sugar, 62, will serve as the board’s audit and finance committee chairman, the Cupertino, California-based maker of iPhones and iPads said in a statement today. Sugar headed Northrop, the third-largest U.S. military contractor, from 2003 until stepping down as chairman and CEO at the end of last year.
Sugar, who holds a doctorate in engineering from the University of California Los Angeles, has been involved in the development of “some very sophisticated technology,” Apple CEO Steve Jobs said in the statement. The appointment expands the board to seven members, which includes Jobs, Intuit Inc. Chairman Bill Campbell and former U.S. Vice President Al Gore.
Apple has faced criticism from corporate-governance advocates that Jobs had too much sway over a group of hand- picked directors, including allegations that the close-knit board may have affected the limited disclosure about Jobs’s health problems. The company appointed Avon Products Inc. CEO Andrea Jung as a co-lead director in December, replacing Campbell, who remains on the board.
The board stood behind Jobs in 2006 after the U.S. Securities and Exchange Commission began an investigation into stock-option backdating. Jobs admitted to recommending some favorable dates on options other than his own. A special board committee led by Gore exonerated him of misconduct.
Apple rose 94 cents to $302.53 at 10:26 a.m. New York time in Nasdaq Stock Market trading. The stock climbed 43 percent this year before today.
--Editors: Romaine Bostick, Lisa Wolfson.
To contact the reporter on this story: Hugo Miller in Toronto at hugomiller@bloomberg.net.
To contact the editor responsible for this story: Peter Elstrom at pelstrom@bloomberg.net.
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