“The death of Apple Inc’s strong-willed co-founder and Chairman Steve Jobs has put the secretive company’s small board at crossroads,” Poornima Gupta and Sinead Carew report for Reuters. “Business as usual, or time for a change? The first signs of the future will be whether they choose an independent chairman and expand the number of directors.”
“Apple directors include heavy hitters, but they were seen offering advice to the chief executive rather than overseeing Jobs, who was known for persuading people to see things his way,” Gupta and Carew report. “The old message was ‘trust Steve,’ the new message has to be ‘trust the team.’ … It’s no longer the cult of personality.’ said Jim Post, a professor of corporate governance at Boston University School of Management who called for an independent chairman.”
“‘The board needs to be expanded. They need to bring on additional independent talent …, people who were not living in Steve’s shadow,’ he said,” Gupta and Carew report. “Apple’s time frame for finding a new chairman — and even whether it is seeking one — is unclear. A spokesman declined to comment. Previously, Apple had no chairman but only co-lead directors… Apple’s board, with just seven current members, is one of the smallest and most opaque in the industry. Most of Apple’s peers have boards that have 10 directors.”
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