Apple CEO Succession Plan Not Going To Happen
Apple shareholders voted today against a proposal to put in place a succession plan for the company’s senior management. The proposal was one of two by shareholders aimed at adding transparency and a new voting standard to what is considered one of the most secretive technology companies. In its proxy materials ahead of the meeting, Apple’s board had urged shareholders to vote against both proposals.
A group of shareholders had asked the company to reveal its plans for replacing Jobs, a request Apple had rallied against, saying such a revelation would give competitors an “unfair advantage” by publicizing the company’s confidential objectives and plans. Nonetheless, earlier in the month Institutional Shareholder Services endorsed the proposal, which was originally put forward by the Central Laborers’ Pension Fund, a holder of about 11,500 shares of Apple stock. The second proposal, which concerned majority voting of board members, passed, giving share owners the power to cast Nay votes against unopposed directors. Apple said its objection to the measure was based on differences in majority voting requirements by state, which, the company said, could add a “layer of complexity” to implementation.
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