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Apple stockholders keep CEO succession plan private

Thursday 24 February 2011, 10:38PM


 Apple stockholders on Wednesday voted down a proposal that would have compelled the notoriously secretive technology star to reveal how it would handle the departure of chief executive Steve Jobs.

Apple's board had recommended the proposal to be rejected at the annual meeting of shareholders at the company's headquarters in Cupertino, California, on the grounds it would give rivals inside information.

The meeting was presided over by Apple chief operating officer Timothy Cook, who has been at the company's helm since January 17 when Jobs went on an indefinite leave of absence for medical reasons.

Jobs, who turns 56 years old on Thursday, has reportedly been taking meetings at home, keeping in contact by phone and even visiting Apple's campus to remain involved with the company.

Last month Jobs stepped aside, his third medical leave since 2004, but did not say how long he expected to be away or provide any details about his latest health issues.

He underwent an operation for pancreatic cancer in 2004 and received a liver transplant in early 2009. He appeared gaunt but relatively healthy at recent Apple public events.

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Apple's fortunes have been uniquely linked to Jobs, who returned to the then flagging company in 1997 after a 12-year absence and introduced innovative and wildly successful products like the iPod, iPhone and iPad.

Some analysts and investors have criticized Apple for not clearly outlining how it would replace Jobs if the need arises.

A proposal by a pension fund holding Apple stock made it to the ballot and, if passed, would have required require Apple to lay bare its CEO succession plan.

The shareholder meeting came on the same day that Apple sent out invitations to a March 2 press event in San Francisco at which the company is expected to unveil the second-generation iPad.

Apple finished last year with a record quarterly net profit of $6 billion on an unprecedented $26.74 billion in revenue.

 

 

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