Apple shareholders vote down succession plan proposal

interns Contributor
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Shareholders on Wednesday voted down a proposal that would have forced Apple to publicly disclose a succession plan for its Chief Executive Officer at its annual shareholder meeting.

Apple’s current CEO, Steve Jobs, who is seen as a driving force in the technology giant’s success, is presently on an indefinite medical leave of absence. Jobs was diagnosed with pancreatic cancer in 2004 and had a liver transplant during a separate leave in 2009.

The Central Laborers’ Pension Fund, which initially proposed Apple develop an annually-reviewed plan that specifically lays out the “criteria for the CEO position” and “identif[ies] and develop[s] internal candidates” to potentially fill the position.

Apple is vehemently opposed the plan. As the world’s largest technology company by market capitalization, Apple contends publicly stating potential CEO candidates will hurt its ability to attract and retain top talent.

Full story: Apple shareholders vote down succession plan proposal