8-KLeadership ChangesCorporate ChangesExhibits & Filings

Apple Inc. 8-K Report, Executive Changes (Nov 12, 2021)

Filed November 12, 2021For Securities:AAPL

Summary

Apple Inc. (AAPL) has filed an 8-K report detailing a key change in its Board of Directors. The company announced the appointment of Mr. Alex Gorsky to its Board, effective November 9, 2021. Mr. Gorsky's addition fills a vacancy and also includes his service on the Nominating and Corporate Governance Committee. This appointment also coincides with an amendment to Apple's bylaws, increasing the size of the Board from eight to nine members. Investors should note that Mr. Gorsky will be compensated as a non-employee director, receiving an annual retainer and restricted stock units under Apple's director compensation plan. The filing explicitly states there are no related-party transactions requiring disclosure under Item 404(a) of Regulation S-K, indicating a clean appointment from a governance perspective. The increase in board size suggests a strategic move to accommodate growth or expertise, and Mr. Gorsky's background is likely being leveraged for governance and oversight.

Key Highlights

  • 1Appointment of Alex Gorsky to Apple's Board of Directors.
  • 2Alex Gorsky will serve on the Nominating and Corporate Governance Committee.
  • 3The size of Apple's Board of Directors has been increased from eight to nine members.
  • 4Mr. Gorsky will receive a $100,000 annual retainer as a non-employee director.
  • 5Mr. Gorsky received an initial grant of 486 restricted stock units.
  • 6No reportable related-party transactions between Apple and Mr. Gorsky.
  • 7The amendment to increase board size and Mr. Gorsky's appointment were effective November 9, 2021.

Frequently Asked Questions

Alex Gorsky is a non-employee director appointed to Apple's Board. While his specific background isn't detailed in this 8-K, his appointment to the Nominating and Corporate Governance Committee suggests his expertise is valued in areas of board structure, governance, and potentially executive oversight. He has previously served as the Executive Chairman and CEO of Johnson & Johnson.

As a non-employee director, Mr. Gorsky will receive an annual retainer of $100,000, paid quarterly. He also received an initial grant of 486 restricted stock units under Apple's Non-Employee Director Stock Plan.

The increase in Board size from eight to nine members, along with the appointment of Mr. Gorsky, suggests a strategic decision by Apple. This could be to accommodate new expertise, ensure adequate representation on committees, or prepare for future growth and governance needs.

The filing explicitly states that there are no transactions between Apple and Mr. Gorsky that would require reporting under Item 404(a) of Regulation S-K. This indicates that, based on standard disclosure requirements, no immediate conflicts of interest requiring specific disclosure were identified at the time of his appointment.