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Apple Shareholders Veto CEO Succession Disclosure

AP
Wednesday, 23 Feb 2011 | 2:10 PM ET

Apple shareholders have rejected a plan requiring the company to disclose a succession plan for its chief executive.

Steve Jobs
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Steve Jobs

That's according to preliminary voting results announced Wednesday at Apple's annual shareholders meeting in Cupertino, Calif. Apple did not provide the voting breakdown.

The results come a month after Apple CEO Steve Jobs went on an indefinite medical leave for unspecified problems. The leave could be related to his previous bout with pancreatic cancer or his 2009 liver transplant.

The Central Laborers' Pension Fund, which owns Apple stock, called for a succession plan to ensure "a smooth transition" in case if Jobs leaves as CEO.

Apple says it already conducts such planning internally but requiring its disclosure would reveal confidential information and hurt the company's ability to recruit and retain executives. Get real-time Apple quotes here.

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