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Apple Appoints Levinson Chairman

CUPERTINO, Calif. ( TheStreet) -- Apple (AAPL - Get Report) has appointed Art Levinson chairman of the tech giant's board, fulfilling the role held by Steve Jobs before his death last month.

Genentech (DNA) chairman Levinson has been a co-lead of Apple's board since 2005, but will now serve as non-executive chairman, according to a statement released by Apple after market close.

Apple has appointed Art Levinson non-executive chairman of its board.

"Art has made enormous contributions to Apple since he joined the board in 2000," explained Apple CEO Tim Cook. "He has been our longest-serving co-lead director."

Apple also announced that acclaimed Walt Disney (DIS - Get Report) CEO Robert Iger will join the iPhone maker's board and serve on its audit committee.

Recent speculation suggested that Cook might add new blood to the board, and there have also been calls for the company to appoint a non-Apple insider as independent chairman.

Apple's stock crept up 30 cents, or 0.8%, to $389.13 in extended trading on Tuesday.

-- Written by James Rogers in New York

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