Steve Jobs Resigns From Gap’s Board Of Directors

| Apple Stock Watch

The San Francisco Chronicle broke the news that Steve Jobs has resigned from the Board of Directors at Gap, Inc. Mr. Jobs began serving on the board in 1999. At the same time, Mickey Drexler, the Chairman of Gapis board of directors, began serving on Appleis board. That arrangement recently drew criticism from Business Week, which rated the two companiesi boards as among the eight worst in Corporate America.

Gap, Inc. released a press release announcing that Penny Hughes had joined the companyis board, with a short paragraph at the end about the departure of Mr. Jobs.

The company also announced that Steve Jobs, CEO of Apple and Chairman and CEO of Pixar Animation Studios, resigned from Gap Inc.is Board of Directors earlier this week to focus on other priorities.

Ms. Hughes is a Coca-Cola executive from the companyis European operations (read the Gap press release for more information on Ms. Hughes).

The San Francisco Chronicle says that Mr. Jobs attended but 66% of the Gapis board meetings in 2001, an absentee rate higher than Larry Ellisonis 75% attendance record for Appleis board meetings during the same time. Mr. Ellison resigned from Appleis board late last month, citing time commitment issues. The SF Chronicleis report also said that Mr. Jobs had waived his salaried compensation for being a board member for the company. You can find other related information in the full report from the SF Chronicle.

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