“Apple Inc. Chief Executive Officer Tim Cook told shareholders at the company’s annual meeting to expect higher dividends and stressed that succession planning is a priority,” Mark Gurman reports for Bloomberg. “The CEO said he’s ‘not a fan’ of special dividends but said the company’s board remains ‘committed’ to annual dividend increases. Directors will discuss the issue in April, as in previous years, he noted.”
“Cook also made some of his most explicit comments on succession planning, saying that one of his most important roles as CEO is properly ‘passing the baton’ to a new leader,” Gurman reports. “Every Apple board meeting in recent years has had succession planning on the agenda for all key executive roles, he said.”
“The comments were prompted by a question on Cook’s succession and that of Jony Ive, the company’s chief design officer. Cook, 57, was named CEO in 2011, succeeding Jobs,” Gurman reports. “Ive returned to his management role in December.”
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MacDailyNews Take: Succession planning is only prudent.