Ronald Sugar Joins Apple Board
More than a year since Google CEO Eric Schmidt's departure from Apple's board, the company has elected a replacement. Check out who's the new head of Apple's Audit and Finance Committee.
It’s been over a year since Google’s CEO Eric Schmidt left the Apple Board. But today, the company announced the appointment of Ronald Sugar to head the board’s Audit and Finance Committee. CEO Steve Jobs said in a statement:
“Ron is an engineer at heart, who then became a very successful business leader. We are very excited to welcome him to Apple’s board.”
Ronald Sugar was the CEO of aerospace and defense giant – Northrop Grumman – from 2003 to 2010. Prior to that, he was also an executive in Litton Industries and CFO of TRW. Sugar will join fellow Apple board members Intuit Chairman Bill Campbell, J.Crew CEO Millard Drexler, former Vice President Al Gore, Avon CEO Andrea Jung, and Genentech Chairman Arthur Levinson.
Based on the documents Apple filed with the SEC, Ronald Sugar will get the standard board member revenue of $50,000 yearly, in addition to $25,000 for heading the Audit and Finance Committee. He also gets a grant of 185 stock options instantly. Ronald Sugar’s appointment means that only one seat is left vacant due to Jerry York’s death earlier this year.View Article Source »