Feeds

Apple shareholders call for transparent CEO 'succession plans'

Jittery board members warn against blabbing Cupertino's secrets

Build a business case: developing custom apps

Apple is advising its shareholders to vote against a proposal to reveal a “succession-planning policy” for the company’s CEO.

Meanwhile, the firm’s current boss Steve Jobs, who owns 5.5m shares in the iPhone maker, saw $1 slipped into his pay packet in 2010.

That figure matches the annual reward he has received since 1997 for heading up the Jobsian outfit.

According to a regulatory filing, Apple doesn’t want to publicly disclose any succession plan because the company is worried that such a move could affect its retention of its top people, who might be lured away by rivals.

“[T]he Board has a formal evaluation process in which it identifies and recommends development of internal candidates for succession based on criteria that reflect Apple’s business strategy,” said Apple.

It said adopting such a proposal “would give the company’s competitors an unfair advantage,” because it “would publicise the company’s confidential objectives and plans. Giving competitors access to this information is not in the best interest of the company or its shareholders.”

The Central Laborers’ Pension Fund, which owns more than 11,000 shares in the firm’s stock, will put forward the proposal at Apple’s annual shareholder’s meeting on 23 February.

Apple is clearly nervous about revealing delicate replacement plans for Jobs, who returned from medical leave in June 2009 after receiving a life-saving liver transplant. ®

5 things you didn’t know about cloud backup

More from The Register

next story
Assange™: Hey world, I'M STILL HERE, ignore that Snowden guy
Press conference: ME ME ME ME ME ME ME (cont'd pg 94)
Premier League wants to PURGE ALL FOOTIE GIFs from social media
Not paying Murdoch? You're gonna get a right LEGALLING - thanks to automated software
Caught red-handed: UK cops, PCSOs, specials behaving badly… on social media
No Mr Fuzz, don't ask a crime victim to be your pal on Facebook
Ballmer quits Microsoft board to spend more time with his b-balls
From Clippy to Clippers: Hi, I see you're running an NBA team now ...
Online tat bazaar eBay coughs to YET ANOTHER outage
Web-based flea market struck dumb by size and scale of fail
Amazon takes swipe at PayPal, Square with card reader for mobes
Etailer plans to undercut rivals with low transaction fee offer
Call of Duty daddy considers launching own movie studio
Activision Blizzard might like quality control of a CoD film
US regulators OK sale of IBM's x86 server biz to Lenovo
Now all that remains is for gov't offices to ban the boxes
prev story

Whitepapers

5 things you didn’t know about cloud backup
IT departments are embracing cloud backup, but there’s a lot you need to know before choosing a service provider. Learn all the critical things you need to know.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Build a business case: developing custom apps
Learn how to maximize the value of custom applications by accelerating and simplifying their development.
Rethinking backup and recovery in the modern data center
Combining intelligence, operational analytics, and automation to enable efficient, data-driven IT organizations using the HP ABR approach.
Next gen security for virtualised datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.