Apple Inc. is the world's most valuable tech company, it's the world's second largest company by market capitalization, it reported record revenue of $108.2 billion in fiscal year ended Sept. 24, and it had record net profit of $25.9 billion in fiscal 2011.

Apple Inc. made its first changes to its board of directors in its post-Steve Jobs era Tuesday, naming Arthur D. Levinson, Ph. D. as the Company's non-executive chairman of the board. Apple also announced that Robert A. Iger, president and chief executive officer of The Walt Disney Company, will join Apple's board and will serve on the audit committee.

Iger was just warming his seat at Disney when the pioneer of the American animation industry signed a deal to buy Jobs' Pixar for $7.4 billion in an all stock transaction. Jobs, who had bought Pixar in 1986 from George Lucas for $10 million, became Walt Disney's largest individual shareholder following the 2006 deal.

Jobs, who received 7 percent of the shares, joined the Disney board upon completion of the merger.

Now, just a month after the death of Steve Jobs and the promotion of Genentech's former chief to Apple chairman, Iger is joining the Apple board.

Aside from Levinson, Iger joins in the Apple board Steve Jobs successor Tim Cook; Millard S. Drexler who joined the board in 1999 and currently chief executive at clothing retailer J. Crew; William V. Campbell, who joined Apple as marketing exec. in 1983 and currently chairman at tech firm Intuit; Former vice president Al Gore, who joined Apple's board in 2003; Andrea Jung who joined Apple's board in 1998 and currently chairman and CEO of the makeup company Avon; and Ronald D. Sugar, who was appointed to the board in 2010, and is the former chairman and CEO of Nothrup Grumman.

According to a regulatory filing by Apple on Wednesday, as a non-employee director, Iger will receive the standard $50,000 annual retainer for his service on the board, paid in quarterly installments. Iger will also participate in the Company's 1997 Director Stock Plan.

Upon his appointment, Mr. Iger received an automatic initial grant of 142 restricted stock units under and in accordance with the Director Plan. In connection with his appointment, the Company and Mr. Iger will enter into the Company's standard director indemnification agreement.

It's not that Iger needs the money. In 2009, Iger, as CEO of Disney, earned total compensation of $29.0 million, which included a base salary of $2.04 million, a cash bonus of $9.3 million, stock awards of $6.3 millionand option awards of $8.3 million. He earned a $13.5 million bonus in 2010, a 45.4% increase from 2009.

In Apple's definitive proxy statement on DEF14A, Apple disclosed that Jobs did not receive any compensation for his services as member of the board. Al Gore, who like Iger, is a non-employee director, received the usual $50,000 cash retainer for 2010. But his total compensation during the year was more than $1.2 million, on account of stock awards worth $200,000 and stock options of $1.02 million.

Directors and officers are required to disclose their direct or indirect holdings, disposal, or acquisition of the company's stock with the Securities and Exchange Commission. In his "initial statement of beneficial ownership", Iger disclosed that his wife, journalist Willow Bay, owns 75 shares of Apple stock. With the $384.77 closing price on Nov. 16, the shares held by his wife are worth $28,858.

There are 929.41 million shares of Apple issued and outstanding, and the company is worth $357.6 billion, second only to Exxon Mobil Corp., which is worth $375.1 billion.