Apple Inc. (AAPL) said on Tuesday after the market closed that it has named Arthur D. Levinson as the new chairman of the company, and has added a new board member to its ranks.
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Levinson, who will take over the position vacated by the death of Steve Jobs, has worked as the company’s co-lead director since 2005 and has served on all three of the company’s board committees: audit and finance, nominating and corporate governance and compensation, the company said in a release.
"Art has made enormous contributions to Apple since he joined the board in 2000," Chief Executive Tim Cook said in a statement. "He has been our longest serving co-lead director, and his insight and leadership are incredibly valuable."
Shares of Apple rose $9.57 or 2.52% on Tuesday, finishing the day at $388.83 a share. The stock was up slightly in after-hours trading.