Feeds

Apple shareholders call for transparent CEO 'succession plans'

Jittery board members warn against blabbing Cupertino's secrets

Website security in corporate America

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. ®

Reducing the cost and complexity of web vulnerability management

More from The Register

next story
Phones 4u slips into administration after EE cuts ties with Brit mobe retailer
More than 5,500 jobs could be axed if rescue mission fails
Israeli spies rebel over mass-snooping on innocent Palestinians
'Disciplinary treatment will be sharp and clear' vow spy-chiefs
Apple CEO Tim Cook: TV is TERRIBLE and stuck in the 1970s
The iKing thinks telly is far too fiddly and ugly – basically, iTunes
Huawei ditches new Windows Phone mobe plans, blames poor sales
Giganto mobe firm slams door shut on Microsoft. OH DEAR
Phones 4u website DIES as wounded mobe retailer struggles to stay above water
Founder blames 'ruthless network partners' for implosion
Found inside ISIS terror chap's laptop: CELINE DION tunes
REPORT: Stash of terrorist material found in Syria Dell box
Show us your Five-Eyes SECRETS says Privacy International
Refusal to disclose GCHQ canteen menus and prices triggers Euro Human Rights Court action
prev story

Whitepapers

Providing a secure and efficient Helpdesk
A single remote control platform for user support is be key to providing an efficient helpdesk. Retain full control over the way in which screen and keystroke data is transmitted.
Saudi Petroleum chooses Tegile storage solution
A storage solution that addresses company growth and performance for business-critical applications of caseware archive and search along with other key operational systems.
Security and trust: The backbone of doing business over the internet
Explores the current state of website security and the contributions Symantec is making to help organizations protect critical data and build trust with customers.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.