• Apple Board of Directors Struggles with Steve Jobs Replacement

    In addition to mourning the loss of a close friend, mentor, and colleague, the Apple Board of Directors is said to be grappling with the unenviable task of replacing the late Apple co-founder with a new chairman of the board.

    According to an insightful report this morning from Reuters, the burning question incumbent upon the board is whether the company wants to continue with business as usual or drastically change the status quo. Consequently, the first and most pressing decision to be made is whether to select an independent chairman or expand the number of directors on the board.

    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.
    "The old message was "trust Steve," the new message has to be 'trust the team.' ... It's no longer the cult of personality," Jim Post, a professor of corporate governance at Boston University School of Management, tells Reuters. Post is of the mindset that an independent chairman would be best for Apple at this time of transition. "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.

    Many are already comparing the loss of Steve Jobs to the loss of Walt Disney in a bygone era. "Much like Disney, Apple's founder was the brand. He was their Mickey Mouse, he was their Betty Crocker," said corporate governance expert Nell Minow. "They have to replace him in five different ways."

    Source: Reuters
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