Even With Questions About Steve Jobs’ Future at Apple, Shareholders Expected To Vote Down Succession Proposal

Feb 23, 2011  •  Post A Comment

Even though Steve Jobs has stepped down from Apple’s day-to-day operations, raising questions about his future with the company, Apple shareholders are apparently poised to vote down a proposal that would force the tech company to reveal its succession plan, the New York Post reports.

According to the story, a tally of the shareholder votes in advance of Wednesday’s Apple shareholder meeting finds the measure has gained support of just 30% of investors, less than the 50% it would need to pass.

According to the article, the primary reason the measure will likely be defeated is because
"large mutual funds, which own the bulk of Apple’s stock, are buying the company’s argument that it has a plan in place and that disclosing it would invite ‘competitors to recruit high-value executives away from Apple.’ "

O’Dell, who sponsored the proposal, said she considers that minority vote a victory simply because it indicates a growing number of shareholders are concerned about Apple’s succession plan, the article notes.

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