Apple announced Arthur Levinson as the new Chairman of Board of Directors

Apple, Inc. announced on Tuesday that Genentech, Inc.’s Arthur Levinson will chair their board of directors at Cupertino, California.

The Chairman’s position was vacant since Steve Jobs passed away on October 5. Jobs resigned from the position of Chief Executive Officer in August due to health concerns, handing out the responsibility to Tim Cook, but remained the non-executive Chairman
of the BOD however; could only man the position for 42 days.

The seat remained up for grabs for almost two months as the company ran a patch of some difficult times in their 35 years of business.

First, the stock took a hit when Jobs announced his retirement from active duty, then it kept dwindling around $300/share because of the delayed launch of new iPhone.

Just two days after the release of iPhone 4S, the company received the distressing news that Jobs had passed away. That opened a Pandora’s box of troubles for Apple.

Their share price started plummeting and what aggravated the already wounded operations was the software faux pas in the 4S; a battery drain issue.

However, now that that calamity is over, the company has started pushing for true leadership. The first step was to hire a chairman and that has been accomplished. Levinson had been with Apple’s BOD for last five years leading the audit and finance, nominating
and corporate governance, and compensation committees.

The management, especially the CEO Tim Cook, had no objections in nominating Levinson in leading the company.

Moreover, the position Levinson left vacant upon his arrival to the chairman’s office—in the department of audits and finance—was filled immediately. Walt Disney’s CEO Robert Iger has filled in for Levinson.

Disney Entertainment has deep lore in the Apple management since purchase of Jobs led Pixar Animations. Jobs was made a permanent member of Walt Disney in 2006, owing to his 17 percent stake in Disney—biggest slice in the equity pie.

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Posted by Usman Khalid on Nov 16 2011. Filed under Business. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry