Now that Apple (AAPL) has its Eric Schmidt problem solved — the Google CEO stepped down from Apple’s board today — it’s a perfect opportunity to appoint Apple chief operating office Tim Cook to the board of directors.
Cook has done a tremendous job leading Apple’s operations, most notably (and most recently) from late January to late June, when CEO Steve Jobs was on medical leave, receiving a liver transplant.
Under Cook’s watch, Apple successfully released several major products, including a new iPhone, refreshed laptop and desktop computers, and new software. The company also turned in record non-holiday quarterly revenue and profits in its June quarter. And shares doubled. (He’s also attracted the attention of other companies — Dell and Motorola have both reportedly tried to hire him over the past two years.)
Regarding the composition of Apple’s board — and the fact that Tim Cook is an insider, and Eric Schmidt was an outsider — all we could immediately find is this statement in Apple’s corporate governance guidelines: “It is the policy of the Corporation that the Board consist of at least a majority of independent directors who either meet or exceed the independence requirements of the NASDAQ Stock Market (“NASDAQ”).” (PDF)
Given that only one of Apple’s eight directors — Steve Jobs — is an executive of the company, there’s easily room for Tim Cook. (We’ve asked Apple to confirm and will update if we hear back.)
In June, the WSJ reported that Cook is set to gain “a more encompassing role,” potentially including a board seat. That report was the first confirming that Jobs received a liver transplant; it’s widely believed that Jobs or another board member was the WSJ‘s source.
NOW WATCH: Tech Insider videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.