APPLE shareholders yesterday voted down demands for a succession plan for chief executive Steve Jobs.
Investors decided not to back a call from the Labourers’ International Union, which would have forced the firm to reveal whether and how it will eventually replace Jobs, who is currently on medical leave and did not attend the meeting in San Francisco.
But shareholders did pass a measure requiring directors to win a majority vote before they join the board, which was put forward by Calpers, America’s biggest pension fund, according to preliminary voting results produced last night.
Apple asked its shareholders to vote down the request for details of its succession plan, arguing that the information would give an unfair advantage to competitors
Chief financial officer Peter Oppenheimer told shareholders that the company was retaining its $60bn (£37bn) cash pile to pursue “future opportunities”.
Tim Cook, Jobs’ top lieutenant, did not answer questions about Jobs’ undisclosed medical condition that has led to him taking charge of operations at Apple for the third time in seven years.