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Apple shareholders thumbs down succession plan demand

24 February 2011 , Written by Dhruv Tanwar
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Apple's board of directors will not be required to outline succession plans for CEO Steve Jobs, who is on an extended leave of absence on medical grounds. Shareholders voted against the proposal at Wednesday's annual company meeting.

The proposal by the Central Laborers' Pension Fund was speculated to have the support of a sizable count of shareholders, a notion that was dispelled by the vote. Steve Jobs is accredited for bringing the company back from the brink and launching its hugely successful line of products, including the iPod, the iPhone and the iPad. The ailing founder and CEO had been diagnosed with pancreatic cancer and is presently on an indefinite leave of absence. There has been speculation and concerns about the eventuality of Apple's future without its visionary founder at the helm.

Interim CEO Tim Cook fielded questions about the company that ranged from its balooning cash reserves to competition from arch-rival Google and revenue-sharing on the iPad. He also outlined opportunities for Apple in the smartphone, tablet and PC markets.
 

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