Apple waives age cap for two board members including Chair Levinson.

Apple's board waived its guideline barring re-election after age 75 so Chair Art Levinson, 75, and audit committee chair Ron Sugar, 77, may stand for re-election, the company said in a filing; the board cited their expertise and experience and noted both are long-serving directors.

Apple's board has waived its guideline that generally bars directors from re-election after age 75 so two members can stand for re-election. The board said in a filing that asking Chair Art Levinson, 75, and audit committee chair Ron Sugar, 77, to stand for re-election would be in the best interests of Apple and its shareholders. The board cited their expertise, experience and knowledge of Apple's business. Both are among the company's longest-serving directors. Key facts: - The board waived its guideline that directors may not be re-elected after reaching age 75 for Art Levinson, 75, and Ron Sugar, 77. - The company said the waiver was determined to be in the best interests of Apple and its shareholders and cited Levinson's and Sugar's expertise and experience. - Levinson has served on Apple's board since 2000, became chair in 2011, and is chief executive of the health company Calico. - Sugar has been a director since 2010 and previously served as chair and chief executive of Northrop Grumman until retiring in 2010. - The two have been on the board longer than Apple Chief Executive Tim Cook. - Over the past four years the board added three new members, representing more than a third of membership, and two long-serving members retired. Summary: The waiver allows Levinson and Sugar to be nominated for re-election and keeps long-tenured experience on Apple's board. The company framed the decision as aimed at retaining their expertise for the benefit of the company and its shareholders. Undetermined at this time.