Feeds

Apple shareholders call for transparent CEO 'succession plans'

Jittery board members warn against blabbing Cupertino's secrets

Top 5 reasons to deploy VMware with Tegile

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. ®

Beginner's guide to SSL certificates

More from The Register

next story
Musicians sue UK.gov over 'zero pay' copyright fix
Everyone else in Europe compensates us - why can't you?
Bladerunner sequel might actually be good. Harrison Ford is in it
Go ahead, you're all clear, kid... Sorry, wrong film
I'll be back (and forward): Hollywood's time travel tribulations
Quick, call the Time Cops to sort out this paradox!
Megaupload overlord Kim Dotcom: The US HAS RADICALISED ME!
Now my lawyers have bailed 'cos I'm 'OFFICIALLY' BROKE
Forget Hillary, HP's ex CARLY FIORINA 'wants to be next US Prez'
Former CEO has political ambitions again, according to Washington DC sources
Euro Parliament VOTES to BREAK UP GOOGLE. Er, OK then
It CANNA do it, captain.They DON'T have the POWER!
prev story

Whitepapers

Free virtual appliance for wire data analytics
The ExtraHop Discovery Edition is a free virtual appliance will help you to discover the performance of your applications across the network, web, VDI, database, and storage tiers.
A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.
10 threats to successful enterprise endpoint backup
10 threats to a successful backup including issues with BYOD, slow backups and ineffective security.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Website security in corporate America
Find out how you rank among other IT managers testing your website's vulnerabilities.