ChairmanOfTheBoard
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Two Apple officials cash in some stock
Just in time to purchase a new yacht or luxury home for the holidays, a pair of Apple officials just sold some of their company stock in exchange for cold, hard cash. According to SEC filings released by the company, Apple general counsel Bruce Sewell sold 2,438 shares of AAPL at about US$549 and another 2,700 shares for about $550 per share. The sale of shares last Thursday netted Sewell about $2.8 million. Sewell had also sold 5,137 shares of AAPL stock on November 1, pulling in more than $3 million. Apple Chairman of the Board Arthur Levinson also sold shares last Thursday. He let go of 7,500 shares valued at $560.65 for a payday of $4.2 million. Why are they selling some of their shares? Who knows. It could be to avoid paying taxes at an expected higher rate in 2013, or they might just need the cash to buy some holiday gifts.
Best Buy founder / chairman steps down after investigation
Yet more fallout in the case of Best Buy CEO Brian Dunn's sudden resignation last month. Some more light has been shed on those aforementioned "certain issues" we heard about, and now an internal investigation has led to the exit of the big box retailer's founder Richard Schulze as chairman of the board. Schulze will be replaced by Hatim Tyabji, who has served as the CEO of Bytemobile and as chairman of the Best Buy's audit committee. The transfer will occur after the company's annual meeting on June 21, 2012. Tyabji had the following to say about Schulze's tenure with the company, Dick's leadership and vision changed the landscape of American retail, and he will forever be remembered as an iconic entrepreneur. We join Best Buy's 167,000 employees in thanking him. More details on Schulze's exit can be found in an official Best Buy statement after the break.
Panasonic names Kazuhiro Tsuga as new president after old one loses $9 billion
In the aftermath of company losses that passed $9 billion, Panasonic has announced that Fumio Ohtsubo is to step down as company president. He'll be replaced by current senior executive Kazuhiro Tsuga in an executive reshuffle that'll take place in June, when Ohtsubo will step up to become chairman of the board, replacing Kunio Nakamura who is taking an "advisory role." Tsuga was formerly an exec. at Matsushita (before it was renamed... Panasonic. Confusing, we know), where he spent a lot of time thumbing his nose at HD DVD and promising that Blu-Ray would win the last format war -- so we know his instincts are at least halfway decent.
Sony confirms Kazuo Hirai as new President and CEO, replacing Howard Stringer
Sony has just confirmed Kazuo Hirai as its new CEO and President, validating rumors that have been swirling for a few weeks now. Outgoing CEO Howard Stringer, meanwhile, has been appointed Chairman of Sony's Board of Directors. The Hirai era officially begins April 1st, while Stringer will assume his new role sometime in June (until then, he'll remain executive chairman). Today's announcement, coming a day before Sony's earnings call, brings an end to more than a year's worth of speculation, though Hirai's selection hardly comes as a surprise, considering his recent string of promotions. In April, he was named Executive Deputy President; five months later, he was promoted to Sony Computer Entertainment Chairman. According to Stringer, in fact, Sony has been grooming Hirai since as early as 2009, when the Board began designing its succession plans. Kaz, he says, stood out from the crowd: Kaz is a globally focused executive for whom technology and the cloud are familiar territory, content is highly valued, and digital transformation is second nature. I believe his tough-mindedness and leadership skills will be of great benefit to the company and its customers in the months and years ahead. I look forward to helping Kaz in every way I can so that succession leads inevitably to success. It was my honor to recommend him to the Board for the positions of President and CEO, because he is ready to lead, and the time to make this change is now. Kaz, for his part, acknowledges that Sony is going through some "challenging" times at this juncture, but credits Stringer with steadying the ship, and seems clear-minded about the future. "The path we must take is clear: to drive the growth of our core electronics businesses - primarily digital imaging, smart mobile and game; to turn around the television business; and to accelerate the innovation that enables us to create new business domains," the 51-year-old PSN architect explained. "The foundations are now firmly in place for the new management team and me to fully leverage Sony's diverse electronics product portfolio, in conjunction with our rich entertainment assets and growing array of networked services, to engage with our customers around the world in new and exciting ways." Click past the break for Sony's full press release.
Apple announces changes to its board: Arthur D. Levinson named Chairman, Robert Iger joins
Apple has just announced some changes to its board of directors, including the appointment of a new non-executive chairman: Arthur D. Levinson. Currently Chairman of Genentech Inc., Levinson has been a co-director of Apple's board since 2005, having first joined the board in 2000. He'll be welcoming new board member Robert A. Iger, who you may know as the President and CEO of The Walt Disney Company. In a statement, Apple CEO Tim Cook said that Levinson "has made enormous contributions to Apple since he joined the board in 2000," and that his "insight and leadership are incredibly valuable to Apple, our employees and our shareholders." On Iger, Cook said: "Bob and I have gotten to know one another very well over the past few years and on behalf of the entire board, we think he is going to make an extraordinary addition to our already very strong board," further noting that "his strategic vision for Disney is based on three fundamentals: generating the best creative content possible, fostering innovation and utilizing the latest technology, and expanding into new markets around the world which makes him a great fit for Apple." The official press release is after the break.
IBM announces Virginia Rometty as new CEO
IBM's board of directors have announced that Virginia M. Rometty will be taking over as CEO of the company in 2012, succeeding current chief Samuel Palmisano. Palmisano will stay on as chairman of the board, but at the end of the year will hand over the reins to Rometty who will become one of a few, but growing number of female chief executives (alongside Meg Whitman) in the tech industry. During her roughly decade long tenure with the company she has spearheaded the push into the services industry and in 2009 became senior vice president of sales, marketing and strategy, leading the charge into markets like China and India. The 54-year-old Rometty will look to continue Palmisano's success, which has seen IBM become the second most valuable tech company in the world, just ahead of Microsoft and right behind Apple. Check out the full PR after the break.
Apple's board in a state of transition
While Steve Jobs's passing came with a lot of powerful emotional effects, it did unfortunately arrive with at least one practical effect that has to be dealt with sooner or later: Apple needs a new Chairman of the Board. A few experts say in this Reuters piece that it will probably be a tough choice for Apple to make. On the one hand, Apple's strength is in Jobs' legacy -- the company has to be committed to continuing to follow his vision, because that's what got them where they are today. On the other hand this may be a chance for Apple to diversify its team a bit, and bring in some new personnel who don't have a past history of politics inside the company. There's of course a third option, which is that Apple's board doesn't appoint a new chairman for a while, instead working on other priorities before taking on the enormous task of filling Jobs's spot. That might be the best option -- before Jobs took on the Chairman of the Board position as he retired, the company didn't have one anyway. Otherwise, Tim Cook's name is apparently going around as a possible successor, but insiders are saying that as CEO, he's already too busy to take on anything else. We'll have to see -- these next few months will be critical for Apple, as it tries to turn and face the future without the visionary that has pushed it along for so long.
Nokia chairman wanted Vanjoki for CEO, American investors forced him to pick Elop? (update: Nokia says it's false)
We love us some corporate intrigue, and there's some intrigue of the highest order coming out of Finland today: local rag Kauppalehti claims that Nokia chairman Jorma Ollila had wanted the outspoken Anssi Vanjoki to step up, but was instead forced to endorse Microsoft executive Stephen Elop as Olli-Pekka Kallasvuo's successor to lead the embattled company by a team of American investors who demanded a CEO from the left side of the Atlantic. How "forced," exactly? Ollila was allegedly in line to be ousted if he didn't throw his weight behind Elop, which -- as IntoMobile points out -- is a bit odd considering that Ollila himself is leaving next year. All told, something seems fishy here; it's possible that Ollila is simply trying to save face with Finns (and / or Vanjoki himself) as he prepares to leave Nokia... or it's possible that hordes of vicious Americans with skin in the game collectively tightened the vice grips. Either way, Elop seems to be cleaning house in light of the Symbian move, so it'll be interesting to see whether he can steer the ship back on course here in 2011. Update: We've just received a statement from a Nokia spokesperson that basically calls the story a total fabrication: "The story is totally unfounded speculation. There were three candidates for Nokia CEO position in the final selection and Stephen was chosen on merit without any external interference. We are very disappointed that this story was published just prior to the financial results." So there you have it -- three candidates, Elop won, so says Nokia.
