Apple Shareholders Take a Pass on a Plan to Require Public CEO Succession Plan

Posted by at 11:33 am on February 23, 2011

Apple shareholders during the company’s annual shareholder meeting voted down a measure that would have required a public CEO succession plan. The decision let’s Apple keep Steve Jobs’ eventual replacement a secret. Institutional Shareholder Services, a collective group, had called for the move to help them judge whether the Board of Directors was capable of handling a succession when ready.

Apple has regularly insisted that it has a plan in place, but calls for it to be made public have grown louder due to Jobs’ second medical leave. Many believe COO Tim Cook is Jobs’ heir and have pointed to him stepping in during both medical leaves as proof.

Jobs was absent from the meeting, but major board members such as former US Vice President Al Gore were present.

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