Apple Voters Overwhelmingly Against CEO Succession Plan Disclosure
25 February 2011 - 9:44AM
Dow Jones News
Apple Inc. (AAPL) shareholders who participated in the company's
annual meeting overwhelmingly voted against a proposal that would
have required the consumer electronics giant to disclose how it
would handle a potential change in chief executives.
Slightly more than 400 million votes were cast against the
measure brought by the Laborers' International Union, while roughly
172 million votes were cast for it, defeating the measure by a
margin of more than two-to-one. In a filing with the Securities and
Exchange Commission, Apple said investors abstained from voting
about 3.4 million shares.
The vote on succession planning was closely watched, since Chief
Executive Steve Jobs, a cancer survivor and transplant recipient,
took a sudden leave of absence for medical reasons in January.
Shareholders gathered at the iPhone maker's Cupertino, Calif.
headquarters Wednesday to cast votes for the company's board
members: former Vice-President Al Gore, Intuit Corp. (INTU)
Chairman Bill Campbell, J. Crew Group Inc. (JCG) Chairman Millard
Drexler, Avon Products Inc. (AVP) CEO Andrea Jung, Genentech
Chairman Arthur D. Levinson, and Northrop Grumman Corp. (NOC) CEO
Ronald D. Sugar. Each was handily reelected, as was Jobs, who
received nearly 571 million votes in favor of his reelection.
-By Ian Sherr, Dow Jones Newswires; 415-439-6455;
ian.sherr@dowjones.com
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