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Steve Jobs succession planning at Apple: shareholders keep up pressure

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Steve Jobs succession planning at Apple: shareholders keep up pressure

By , February 26, 2011

Proposals from shareholders on how Apple should plan for coping without Steve Jobs were rejected at the company’s AGM, but the Laborers’ International Union of North America has vowed to keep up the pressure.

In a subsequent press release, the Union cited its members’ pensions as a need for Apple to do all it can to guarantee good stock prices.

Detailing its commitment to continue to push Apple to release its CEO succession plan, LIUNA General President Terry O’Sullivan said that “the men and women who invest in these plans do back-breaking work all day building this country – they deserve to have their retirement savings invested in stable, responsible companies”.

“We’ll continue to demand Apple’s board behaves responsibly and does right by its shareholders. It’s good for the company, investors and the economy for Apple to demonstrate that it’s prepared,” said Mr O’Sullivan.

Despite Steve Jobs’s key role at Apple, recent market reaction to his need to take sick leave was however less extreme than some analysts had suggested it might be.

The company had publicly opposed the shareholder proposal, which was initiated by the Central Laborers’ Pension Fund. Apple claims that disclosing detailed plans would give competitors “an unfair advantage” and “undermine (Apple’s) efforts to recruit and retain executives.”

Investment advisory firm ISS, however, supported LIUNA and the proposal earlier this month.

– Matt Warman

© Telegraph.co.uk

Craig West

Craig West is a strategic accountant who has over 20 years’ experience advising business owners. His background as a CPA in public practice, provided invaluable experience in the key issues of concern to business owners and strategies to build, maximise, protect and extract wealth as a business owner.

Craig West

Craig West

Managing Director | Succession Plus

Craig West is a strategic accountant who has over 20 years’ experience advising business owners. His background as a CPA in public practice, provided invaluable experience in the key issues of concern to business owners. Following 6 years of study to gain two masters degrees, Craig focused on Capital Gains Tax (CGT) for business sales advising on strategic management of tax issues. This experience formed a very strong view that business owners (and often their advisers) were unprepared and unaware of the steps required to prepare a business for exit.

Craig now acts as a strategic mentor for mid-market business owners and has written four critically acclaimed books on employee incentives, succession planning, asset protection and exit strategies. Craig has conducted numerous seminars and keynote presentations throughout Australia & internationally, including adviser education programs for the Institute of Chartered Accountants and CPA Australia.