“Apple Inc. shareholders Wednesday strongly endorsed the company’s board and management despite a recent flare-up and pair of lawsuits over its cash hoard,” Ian Sherr and Jessica E. Lessin report for The Wall Street Journal.
“At Apple’s annual shareholder meeting held in its headquarters here, the company said preliminary votes showed strong support for the company’s directors, with Chief Executive Tim Cook receiving support from more than 90% of votes tallied before the meeting,” Sherr and Lessin report. “Shareholders also voted in favor of the company’s proposed appointment of Ernst & Young LLP as its independent auditor, as well as an advisory vote on executive’s compensation. Shareholders voted down two shareholder proposals however, which attempted to direct how much stock the company’s leadership must retain, and another proposal to create a director-level committee on human rights. Apple’s directors opposed both proposals as well.”
Sherr and Lessin report, “Mr. Cook said he wasn’t pleased with the company’s stock price, but urged patience. ‘What we’re focused on us the long term,’ he said, while also talking up the company’s accomplishments over the past year… During a question-and-answer session, shareholders attempted to gain insight into the company’s product road map, asking questions about how the company was investing in its research and development and how it can expand market share. ‘We invest in things we think are great to do,’ Mr. Cook said, noting the company only releases new products ‘deliberately and thoughtfully.’ ‘Winning for us is not making the most,’ he said. ‘We want to make the best.'”
Read more in the full article here.
MacDailyNews Take: For those obsessed with market share to the point of illogicality:
“Winning for us is not making the most. We want to make the best.” – Apple CEO Tim Cook, February 27, 2013