Apple succession call got rejected by shareholders
Apple succession call got rejected by shareholders

Shareholders of Apple Inc (AAPL. O) rejected demands that the company reveal a succession plan for its sick CEO Steve Jobs, and the company didn’t come out with the fact that how many had backed that proposal.

The unwillingness to disclose details of the vote on a plan headed by the Central Laborers' Pension Fund gave birth to speculation that a good number of shareholders may have supported it, and prompted a united group to push for more disclosure.

It is possible that quite a large number of long-term, institutional shareholders voted in favor of the proposal, as stated by the Laborers' International Union of North America in a statement after the meeting.

The destiny of Apple, which is one of the most powerful technology companies in the world, is connected to how the firm handles the eventual departure of its iconic co-founder and leader. Jobs in the month of January took a third medical leave for reasons that were not known. Many people think that he may not return to lead the company he founded in 1976.

But, nevertheless shareholders approved a proposal giving Apple a bigger say in appointing directors against the company's recommendation they reject the proposal. About seventy four percent of votes cast were in favor of a proposal by Calpers that unopposed candidates for the company's board get a majority of votes to win election, according to the fund.

The vote presented with one of the few moments of drama at an occasion that was not attended by Jobs, who is out on indefinite medical leave.

Jobs' top lieutenant, Tim Cook, was seen in the spotlight, instead. Attired casually in jeans and a sweater, he appeared very much in command and deftly fielded questions on topics from Apple's sixty billion dollars cash pile to growing competition from the likes of Google Inc (GOOG. O) in mobile and sharing of revenues on the iPad.

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