Apple (AAPL) Shareholders Reject CEO Succession Rule

Apple Inc. (NASDAQ:AAPL) shareholders defeated a measure that would have required the company to outline succession plans, according to preliminary tabulations at the company's annual shareholder meeting on Wednesday.

Talent Shortage Ahead Access thousands of business sources not available on the free web. Learn More The succession-planning measure, brought by Laborers' International Union, would have required the Cupertino, Calif., electronics giant to produce an annual report on succession planning and develop criteria for candidates to the top position.

The call for more information about Apple's plans for changing leadership has taken on a new urgency since Chief Executive Steve Jobs, who received a liver transplant in 2009, went on medical leave suddenly last month. Neither the company nor Mr. Jobs have said what medical condition he is suffering from, nor indicated his prognosis.

Mr. Jobs didn't attend Wednesday's meeting, marking the second time in a decade he has missed the annual event.





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