- Associated Press - Wednesday, November 17, 2010

CUPERTINO, CALIF. (AP) - Apple Inc. named Ronald D. Sugar, former chairman and CEO of Northrop Grumman Corp., to its board Wednesday.

Sugar, who has a Ph.D in engineering, will serve as the chair of the audit and finance committee, Apple said.

Sugar served as chairman and CEO of Northrop Grumman from 2003 until he retired this year.

Apple has seven board members, including former Vice President Al Gore and Andrea Jung, the CEO of Avon Products. Board member Jerome York died earlier this year.

Shares of Apple rose $1.49 to $303.08 in midday trading.

(This version corrects that Apple now has 7 board members.)

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