Al Gore is stepping down from Apple's Board of Directors after more than two decades, announced the company on Thursday. Apple has a longstanding policy that its directors cannot stand for reelection after reaching the age of 75-- ruling Gore, who is now 75, ineligible for renomination.

Additionally, Gore is known as the 45th Vice President of the United States, and for his fervent activism on climate issues. The noble honoree received $376,894 as compensation for serving on Apple's Board of Directors in 2023, according to an SEC filing, reported CNN.

Per Reuters, Gore's resignation coincides with Microsoft overtaking Apple as the world's most valuable company for the first time since 2021, after the iPhone maker's shares made a weak start to the year on growing concerns over demand. Microsoft and Apple have been head-to-head for the top spot for years. Microsoft's shares have risen sharply since last year, thanks to the early lead the company has taken in generative artificial intelligence through an investment in ChatGPT-maker OpenAI. Reuters also revealed Microsoft's stock closed 0.5% higher, giving it a market valuation of $2.859 trillion. However, shares of Apple closed 0.3% lower, giving the company a market capitalization of $2.886 trillion.

"It was inevitable that Microsoft would overtake Apple since Microsoft is growing faster and has more to benefit from the generative AI revolution," said D.A. Davidson analyst Gil Luria.

Microsoft has integrated OpenAI's technology across its suite of productivity software, a move that helped spark a rebound in its cloud-computing business in the July-September quarter. Meanwhile, Reuters went on to report Apple has been grappling with weakening demand, including for the iPhone, its biggest cash cow.

In a statement obtained by CNBC, the CEO of Apple, Tim Cook, wrote, "For more than 20 years, Al has contributed an incredible amount to our work - from his unconditional support for protecting our users' privacy to his incomparable knowledge of environment and climate issues."

CNBC announced that Gore, along with former Boeing CFO James Bell, will retire at the company's annual shareholder meeting next month. They'll be replaced by former Aerospace CEO Wanda Austin, pending a shareholder vote, the company said in an SEC filing.

Bell, who was on Apple's audit and finance committee, owns shares worth over $7 million. His annual compensation was similar to Gore's pay.