When Apple holds its annual shareholders meeting today, attendees will be voting on a proposal to demand a "detailed" CEO succession plan from Apple, requiring the company to identify potential candidates to replace Steve Jobs and begin "non-emergency" CEO planning three years before the expected transition. Jobs has become a larger-than-life figure credited with Apple's huge run of success, but he's also been plagued by health issues, and is currently on leave for medical reasons. Are shareholders right to demand a Plan B?
It's only fair to them: All companies should have some sort of succession plan in place, says proxy advisory firm Institutional Shareholder Services, in a report backing the shareholder proposal, as quoted in The Wall Street Journal. Shareholders deserve information that helps them judge the company's "readiness and willingness" to make a plan for the future.
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