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Apple Shareholder Meeting is All Steve-talk

By - Source: Tom's Hardware US | B 7 comments

Earlier in the week reports emerged about Steve Jobs' absence at Apple’s annual shareholder meeting due to take place this week. While the meeting went ahead as planned, it seemed shareholders had little else to talk about other than the CEO’s health.

Despite the fact that there were more company executives in attendance than you’d care to shake a stick at, and that the meeting in general focused on those executives telling shareholders that the company was right on track, the first subject raised once the meeting was thrown open to the floor was whether Apple’s board of directors had hidden Jobs’ health problems from investors. Next up was whether or not the company had a succession plan for the CEO. Board member Arthur Levinson, who is also chairman and CEO of biotech firm Genentech, replied that the board disclaims information that it deems important and proper, and that it talks regularly about a succession plan.

Levinson, shot down the questions, stating the company believed it had met all disclosure obligations and added that the company has regular discussions and succession plans and has ever since he joined the board 10 years ago. The board maintained that Jobs remained deeply involved in decision-making.

Shareholder insecurities about Jobs’ health status aside, the meeting also saw the reelection of all eight board members. Chief Operating Officer and acting CEO Tim Cook said the company's annual revenue has nearly quadrupled over the past four years, jumping from 8 billion to 32 billion. Net income increased to 4.8 billion, 18 times what it was four years ago. Reuters reports that four proposals -- all opposed by the company, including a so-called "say-on-pay" resolution -- failed to garner shareholder approval. Other unpassed proposals were related to a company environmental sustainability report, political contributions and health care.

All in attendence sang Happy Birthday to Steve Jobs who turned 54 this week.

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  • 0 Hide
    Tekkamanraiden , February 26, 2009 10:47 AM
    Wow are they paranoid or what.
  • 0 Hide
    SneakySnake , February 26, 2009 11:07 AM
    Jobs should permanently step down as CEO, instead of jst temperarily. Make him an one of the top guns but not the top gun. Apple needs someone new, with different, fresh ideas
  • 0 Hide
    neiroatopelcc , February 26, 2009 11:10 AM
    TekkamanraidenWow are they paranoid or what.

    just one word : apple
  • 0 Hide
    tenor77 , February 26, 2009 12:32 PM
    If I were a shareholder I would be worried if the most pressing business was the discussion of one mans health. I realize some people put Jobs on a pedistal on the likes of Mohammad (There is only one Mac and Jobs is it's maker) but seriously now? These are grown men and women running a billion dollar company and THIS is what they discuss when they get together?

    Want to know why I will not buy Apple stock? Exhibit A.
  • 0 Hide
    squatchman , February 26, 2009 2:05 PM
    Steve cuts himself shaving and AAPL will fall three points. You want to know when Apple will consolidate into an iPhone/Pod based company? Just talk to an actuary about how long Steve has left to live.
  • 0 Hide
    danimal_the_animal , February 26, 2009 2:50 PM
    BORING!!!!!!
  • 0 Hide
    TwoDigital , February 27, 2009 4:52 PM
    SneakySnakeJobs should permanently step down as CEO, instead of jst temperarily.

    I think that may be a bit pre-emptive. Though Jobs was rudely shut out during the Scully years, it says a lot for corporate vision that one of the two founders is still at the helm. When he leaves (if Apple is still viable at that time) it is going to take a stock hit that may take a while to recover if the new CEO proves him/herself. I guess maybe you could argue that TODAY with the market already in the toilet maybe it can't fall all that far. :)