Steve Jobs is no longer minding the Gap

Apple chief loses his interest in clothes...

Apple CEO Steve Jobs has stepped down from the board of retail clothing company Gap, a move that could help lessen criticism over the independence of both companies' boards. Departing Gap CEO Millard Drexler serves on Apple's board, which had created what is known as interlocking board membership - a sticking point among corporate governance experts. Apple and Gap were recently both named and shamed on a Business Week list of US companies with the worst boards. An Apple representative declined to comment on the governance issues, saying that Jobs decided to pursue other interests now that Gap's CEO transition is complete. Last week, Gap named Disney executive Paul Pressler to replace Drexler as CEO. A Gap representative did not immediately return a call seeking comment. Ian Fried writes for News.com