“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