“For years, Apple Inc. occasionally has been pressed to tell the world its plans for life after Steve Jobs,” Dan Gallagher reports for MarketWatch. “But officials have continually put off the matter.”
MacDailyNews Take: If, by “put off,” Gallagher means delayed, Apple’s done no such thing. They have publicly stated that they have a succession plan, but will not make it public in order to prevent competitors from knowing too much or causing upheaval within the company’s executive ranks.
Gallagher continues, “Now, as the iconic chief executive’s health returns to the spotlight, a shareholder group is forcing the issue onto the agenda of Apple’s annual meeting coming up on Wednesday.”
MacDailyNews Take: While every shareholder is an important and valuable, blah, blah, blah… the shareholder group that, according to Gallagher, is “forcing the issue” lacks a great deal of force. The Central Laborers’ Pension Fund owns under 11,500 shares, or about a thousandth of 1 percent of AAPL shares outstanding. Steve Jobs has lost more AAPL shares in his Miele washing machine. If the CLPF doesn’t like the lack of a public succession plan that will tip off competitors and cause strife among Apple executives, then the CLPF can sell their AAPL shares and go pound sand.
Gallagher continues, “With management saying little about Jobs’ condition, the issue will take on its highest profile to date as shareholders vote on requiring more transparency about succession plans for the post Jobs has held for the last 14 years since his return to the company that he co-founded back in 1976.”
MacDailyNews Take: Making the succession plan public is a stupid idea and will therefore be defeated. Gallagher is fomenting by wildly exaggerating a trifle.
Gallagher continues, “That proposal ‘requires a report identifying the candidates being considered for CEO, as well as the criteria used to evaluate each candidate,’ Apple said in its printed response to the measure in its proxy statement. ‘By publicly naming these potential successors, Proposal No. 5 invites competitors to recruit high-value executives away from Apple.'”
“Jennifer O’Dell, spokeswoman for the Laborer’s [sic] International Union of North America, who will represent the pension fund at the meeting, disputed Apple’s characterization of the measure, saying it doesn’t call on the company to publicly name potential candidates,” Gallagher reports. “‘What we’re looking for is disclosure that they have a plan and regularly review it,’ O’Dell said in an interview. ‘We want to see some transparency.'”
MacDailyNews Take: Apple already told you that they have a plan. You want them to tell you that they regularly review it? Meaningless pap. You want them to regularly remind you that they make products that operate with electricity, too?
Gallagher reports, “‘I imagine it’s a touchy issue for them right now,’ O’Dell said. ‘But of all the years to have this discussion, this is the year. We wish Steve the best, and hope he lives forever, but we need to have a plan in place. Because we are long-term investors, we are going to be here for the long haul.'”
MacDailyNews Take: Blithering idiot. The CLPF is too stupid to own AAPL; DELL would be more their speed.
Read more in the full article here.
[Thanks to MacDailyNews Reader “Fred Mertz” for the heads up.]
Related articles:
ISS backs pension fund’s shareholder proposal that pushes Apple to divulge succession plan – February 3, 2011
Central Laborers’ Pension Fund wants Apple to reveal CEO succession plans – January 8, 2011
Knowing the “Apple succession plan” will not cause any change in my desire to own AAPL shares (unless it was revealed that Eric Schmidt is next in line to be Apple CEO).
lol, blithering is such a neat word.
“a shareholder group is forcing the issue”
What a bunch of stupid whiners! I love it, and hate it, when others try to tell the most successful company on the planet how to do things.
This is spot on Seamus. To see the success of this company thruout this past decade, and to even question their ability on this facet is something I fail to comprehend. Lets have a little faith that Apple inc. has Apple inc.s best interest at mind on these decisions. What makes these shareholders feel they have a better grasp on this decision making precess?
“Steve Jobs has lost more AAPL shares in his Miele washing machine.”
HAAAA! Keep it up, MDN.
Who is the CLPF and what is their intention?
Shining a little light on this outfit will help me understand a lot.
Sell the stock if you’re so scared, ya’ damned gamblers!
Agree, sell your shares if you don’t like the way the company is run – Get out of Dodge, Union crybabys!
Another revealing view of the self-absorbed union mentality.
“The Central Laborers’ Pension Fund owns under 11,500 shares”
What?!? The KenC Pension Fund owns over 2000 shares, and I don’t want CLPF to ask their question. It won’t change anything, and if anything, will tip off other companies as to which execs weren’t chosen as the next CEO. Then they’ll offer vast sums to steal them away. It’s strategic not to tell Apple’s competitors the succession plan.
The vultures are circling. Leave Steve alone to let him get better.
You guys are all idiots. There is nothing wrong with wanting to know a companies successful plan. What if leaders of your favourite companies/stocks took ill? You’d be interested in succession plans. It’s required for smart investments to know these things. Sorry, but Apple without Steve Jobs is not as valuable in some people’s opinions. They should be given succession plans. Period.
You’re the idiot, idiot. Most Apple investors know the company and trust it based on years of proven performance in all that really matters. Apple plays it’s cards close to the chest like any good player and most investors in Apple accept and support that . This motion will be crushed.
Hmm, I wasn’t going to comment, but,
“based on years of proven performance in all that really matters”
You must be very young!
Poor sheltered little baby, get out of your box, get a life and some sense of real measure kid.
The acting CEO will be the next CEO. The critical question is who is in charge of technology development and implementation. Steve Jobs in no way ACTS like a CEO. He is CEO in name only. Although what he says goes.
Any body with a brain knows he is irreplaceable. The next CEO will do what other CEO’s do. They’ve got him in place now. Apple will go into the future exactly as it is now. The question for me is will Tim Cook need a COO. My guess is no. Or it will be somebody he already has in mind.
I have 1,500 shares and I vote not to discolose – No the Union only has 10,000 shares … I am sure all the 50 and 100 share Owners will stand behind my vote to overcome their little pile of shares ….
And anyway why are they owning any shares, Apple is not a Union Outift – Go own some of your own Brother’s Shares like GM!
For all you wise-asses that are arguing that this shouldn’t be done because the group asking for it is a Union, get you heads out of your Conservative “My Way or the Highway” asses.
I don’t think full disclosure of AAPLs succession plan is a good idea, but unions have pension funds, and they are a significant investor in the domestic stock and bond markets. They have the right to submit issues for a vote at the Annual Meeting. And, if it comes to a vote, and a majority of the company’s OWNERS vote for disclosure, then so be it. You have the right to vote against it. What would your response be if the push was coming fro Goldman Sachs or Warren Buffet or Bernie Madoff?
It would be the same, but its unlikely that anyone with financial acumen would make retarded demands in the face of clearly disclosed company policy. Any wonder that pension fund across the nation are tanking?
@George
Excellent point. In the name of transparency, I demand full disclosure of all non-union stock held by the CLPF. Weren’t these assholes whining about this 4 months ago?
Idiots. I will own Apple shares for several years if not always. There are years of products and services NOW under development that will be released for years to come. Apple isn’t a one trick pony boys and girls.
Fomenting? Pap? Wildly exaggerating a trifle?
Someone take away MDNs thesaurus until they learn to exercise restraint…
In two articles no less. Must have been on the” Word A Day Calendar”.