updated 01:15 am EDT, Mon September 7, 2009
Apple could be losing another board member
A recent SEC form filed by Apple could be an indication that the company will lose another board member, according to Fortune. The document discloses that Bill Campbell has executed a "non-sale transfer" of 60,000 shares of AAPL stock. The shares, which include Campbell's directors options, are estimated to be worth approximately $17.7 million.
The SEC form does not provide a full explanation of where the shares went, or if he simply exercised the options. Although executives and directors routinely exercise stock options, many of Campbell's holdings were not set to expire for nearly a decade.
Philip Elmer-DeWitt speculates that the number of shares and timing could be an indication Campbell is preparing to resign from Apple's board. The Intuit chairman is also said to be a close adviser to Google's CEO Eric Schmidt. Campbell is not a formal member of Google's board, although he does attend the meetings.
Schmidt recently resigned from Apple's board due to increasing conflicts of interest, particularly following the announcement of Chrome OS. The Google CEO's departure did not put a stop to an FTC investigation, however. Along with Campbell's ties, Arthur Levinson represents yet another link between Apple and Google boards.
Apple's internal guidelines allow for a board with between five and nine members. Analysts suggest that the current COO, Tim Cook, may serve as Schmidt's replacement. Speculation regarding Campbell's resignation remains unconfirmed.