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Steve Jobs Absent, Apple Shareholders Reject Succession Plan Proposal

Apple shareholders have rejected a proposal put forward by a large institutional investor to establish a detailed succession plan for company CEO Steve Jobs, who is currently on medical leave, according to news reports. Jobs, Apple’s revered co-founder and one of the most respected CEOs in the world, may have been physically absent from this year’s shareholder […]
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An Apple employee brings computers into headquarters during the Apple shareholders meeting in Cupertino, Calif., Wednesday, Feb. 23, 2011. (AP Photo/Paul Sakuma)

Apple shareholders have rejected a proposal put forward by a large institutional investor to establish a detailed succession plan for company CEO Steve Jobs, who is currently on medical leave, according to news reports.

Jobs, Apple's revered co-founder and one of the most respected CEOs in the world, may have been physically absent from this year's shareholder meeting, held Wednesday in Cupertino, California, but no doubt he was top of mind for the attendees.

Apple had opposed the succession plan, which was put forward by the Illinois-based Central Laborers' Pension Fund, saying that it could telegraph the company's strategy and limit its ability to attract top talent.

The measure was not expected to pass.

In Jobs' absence, the company is being run by COO Tim Cook, the Alabama-born operational wizard who has served as Jobs' right-hand man for over a decade.

In other business, shareholders approved a proposal from CalPERS, the giant California public employee pension fund, that would require majority-voting for unopposed board directors.

Apple shareholders reelected all seven board members -- including Jobs -- to their posts.

Apple is nearly 70% institutional owned.

CNBC reported that one shareholder received loud applause when he sent his best wishes to the absent CEO and said he looked forward to seeing him next year.

Jobs underwent a liver transplant as part of his battle against pancreatic cancer, but the company has remained mum about the reasons for Jobs' current medical leave. The last Jobs sighting was about a week ago at a dinner headlined by President Obama.

Apple is the largest technology company in the world by market cap. Its valuation stands at a staggering $314 billion.

Also on Wednesday, Apple sent an invitation to media outlets for an event to be held on March 2 at the Yerba Buena Center for the Arts in San Francisco. The company is expected to announce the next generation iPad.

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