Apple Inc. (AAPL, Financial) is anticipating significant changes in its board of directors as two members approach the recommended retirement age of 75. Current CEO Tim Cook is expected to take over as chairman in 2026. Art Levinson, the current chairman, will turn 75 in March 2025, which typically signals impending retirement. Levinson has served on Apple's board since 2010 and is also a board member for Uber and Citroën.
The announcement of Levinson's departure could come as early as February during Apple's annual shareholder meeting. He may choose to retire later this year or in early 2026, making him the second board member to retire in recent times. This opens the possibility for Cook, who is 64, to succeed Levinson as chairman. Alternatively, Cook might appoint another current or new board member to the chairman role.
Tim Cook joined Apple in 1998 as Vice President, overseeing computer manufacturing, and became CEO in August 2011. Under his leadership, Apple launched milestone products like the iPhone 4S, iPhone 5, and iPhone X, and continued to innovate in AI, augmented reality, and virtual reality. His focus on user experience and data privacy has earned consumer trust and support.
During Cook's tenure as CEO, Apple's stock price soared, and in 2018, it became the first company to reach a market value of $1 trillion. Despite fluctuations in 2019, Apple's year-end market value returned to $1 trillion, achieving a decade-high in market cap and P/E ratio. Cook is praised for maintaining Apple's operational stability.
In 2024, Cook's compensation is set at $74.6 million, an 18% increase from the previous year, consisting of a $3 million base salary, $58.1 million in stock awards, and about $13.5 million in other compensation.
