Investor demand for Apple succession plan gains key ally
Feb 4, 2011, 19:53 GMT
San Francisco - The calls for a succession plan for Apple's sick chief executive Steve Jobs are getting louder.
The influential shareholder advisory group, Institutional Shareholder Services (ISS), has added its voice to those demanding information about how Apple plans to replace its iconic founder if and when he can no longer do his job.
Jobs is currently on a medical leave of absence to treat an unspecified condition and has appointed Apple's Chief Operating Officer, Tim Cook, to lead the company in his absence.
The ISS made its recommendation on a proposal by an Apple shareholder, the Central Labourers' Pension Fund, which will be voted on at the company's Annual General Meeting on February 23.
'ISS believes that shareholders would benefit by having a report on the company's succession plans disclosed annually,' ISS said, according to a release from the Labourers' International Union of North America. 'Such a report would enable shareholders to judge the board on its readiness and willingness to meet the demands of succession planning based on the circumstances at that time.'
Apple has so far refused to divulge a succession plan, saying that such an action would help competitors poach its best executives, and drive out other managers who are not slated to take a top position.
Jobs announced his open-ended medical leave last month. He was diagnosed with pancreatic cancer in 2004 and had a liver transplant in 2009.
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