This quarter, we'll highlight some major shakeups, resignations and trends, including internal board appointments, the consolidation of power in the executive suite and the boardroom, and more CIOs landing on boards.
Xerox Chairman Anne Mulcahy to Retire and Usrula Burns becomes Chairman and CEO
Anne M. Mulcahy, 57, will step down as chairman and director of the board at Xerox, effective May 20, 2010. Xerox CEO Ursula M. Burns, 51, will then assume the additional role of chairman. Mulcahy, became chief executive officer of Xerox on Aug. 1, 2001, and chairman on Jan. 1, 2002. She was previously president and COO of the company from May 2000 through July 2001 and started her Xerox career as a sales representative in Boston in 1976.
Apple Board Member Passes
In another blow to Apple's board, Jerome B. York, 71, has passed away. York was the chairman, president and CEO of Harwinton Capital, former CFO of IBM and Chrysler, and former vice chairman of Tracinda. Apple CEO Steve Jobs called him ‘a pillar of financial and business expertise and insight.' York had served on the board since 1997. York's passing comes just months after Google CEO Eric Schmidt stepped down from Apple's board, citing potential conflicts of interest between the two tech titans. Apple now has two key vacancies on its board and one of the smallest boards in the industry.
Yahoo Board Members Exiting
In late March, John Chapple, 55, said he would not stand for re-election to the company's board of directors. A former CEO of Nextel, Chapple joined Yahoo's board in 2008 when Carl Ichan was moving to organize a hostile takeover of the Internet company. His announcement comes at the heals of self-made billionaire Ron Burkle's decision not to stand re-election. Burkle, 56, has served on the company's board since 2001. His 2008 total compensation from Yahoo's board was $298,111. Yahoo also announced that Sue James was elected to the company's Board of Directors, effective January 2010. James brings extensive financial expertise and experience with a 35-year career at Ernst & Young. She was also named Chair of the Board's Audit Committee.
Symantec Board Nabs Former Intuit CEO
Symantec appointed Stephen M. Bennett, 54, former president and CEO at Intuit, to its board of directors effective Feb. 8, 2010. This brings the total number of directors on the board to 11. At Intuit, Bennett combined the company's historic innovative and customer-driven expertise with strategic and operational rigor. Intuit revenue grew to $2.7 billion in fiscal 2007 from less than $1 billion in fiscal 2000. Symantec is clearly getting an outstanding software executive and would like to benefit from his growth experience both from a strategic and operational perspective.
Autodesk Appoints Top 10 Wireless Woman to Board
Autodesk appointed Mary T. McDowell, 45, Nokia's executive vice president and chief development officer leading Corporate Development, to its board of directors. Prior to Nokia, Ms. McDowell had P&L responsibility at HP and Compaq.
EMC Board Audit Committee Swap
EMC announced the election of James S. Distasio, 62, a retired partner of Ernst & Young LLP. He replaced W. Paul Fitzgerald, 69 who was EMC's prior Chief Financial Officer. Fizgerald was named Director Emeritus.
IBM Appoints Heavy Hitter to Board
In February, IBM elected Andrew Liveris, 55, to its board of directors. Liveris is president and CEO of The Dow Chemical Company since 2004 and has served in various positions at the company for the past 33 years.