Apple’s Succession Proposal? Rejected

At Apple’s shareholders meeting today in the company’s Town Hall auditorium, a proposal to reveal Apple’s succession plan was rejected. For many months now, speculation has arisen that Apple should reveal its succession plans for Steve Jobs’ retirement (which, you know, is going to happen eventually) – but the company always refused to give out details, that are likely already in place, fearing repercussions in the management sphere with names of executives to succeed Jobs going public.

Apple COO Tim Cook took the stage today to introduce the board of directors, whose seven members – including Jobs – were reelected.

The most controversial shareholder proposal – that Apple adopt a detailed succession plan – was introduced about 20 minutes later. According to the representative of the Central Laborers’ Pension Fund who introduced it, Proposal No. 5 did not require the company to name names, she said, so management’s fears about the proposal were unfounded.

Apple has a succession plan for when Steve Jobs will leave, but they don’t want anyone to know just yet.