With Apple CEO Steve Jobs out on indefinite medical leave, a group of shareholders—the Central Laborers’ Pension Fund in Illinois—proposed that Apple reveal its internal plans to replace Jobs in the event that he not return to run the company.
The belief was “that a sizable contingent of shareholders may have supported” such calls for a succession plan, according to Reuters, but a recent vote on the proposal has shown otherwise.
“Even with Jobs sidelined, shareholders voted down a proposal to outline a plan for who will succeed the visionary chief. And not one shareholder asked about Jobs or his health, in an apparent sign of their growing confidence in the executive bench.”
One shareholder said he was “very impressed with Tim Cook,” Apple’s interim CEO who’s expected to eventually replace Jobs. “Shareholders come in with a certain amount of respect for Steve Jobs, that’s why they don’t come in and batter management with questions,” said the man.
An industry analyst added, “If the stock underperformed, then I think institutions can force the hand of management or the board, but in this case …, they have very little bargaining power.”
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