Apple comes under pressure to reveal post-Jobs scenario


Apple comes under pressure to reveal post-Jobs scenario

Simon Quicke

Apple is coming under growing pressure to reveal what plans it has if the current CEO Steve Jobs is unable to return from a break on health grounds and take the helm.

Jobs has been battling illness for the last few years and is on his second spell of sick leave but with his health an ongoing concern some investors are getting twitchy about the absence of a publicly known succession plan.

Chief Operating Officer Tim Cook is currently running the Apple ship and in a recent regulatory filing Apple indicated that it had a succession plan but it was not being revealed publicly.

But in the US the investor advisory specialist Institutional Shareholder Services has backed calls for an annual disclosure of the vendor's succession plans.

leading the charge on the issue has been the Laborer's International Union of North America which is pushing a proposal that will make Apple reveal its hand.

It said that the vendor had to be more open: "to do well by its shareholders, including our members' pension funds, and adopt a proposal made by LIUNA that would require a defined succession plan in the event Jobs can no longer continue to serve as CEO."

A annual meeting is coming up on 23 February where the pressure to reveal the succession plan will be pushed hard by groups like the Labor union but so far Apple has resisted.
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