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AAPL Stock: 113.29 ( + 0.37 )

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Apple board tries to boost shareholder confidence

updated 10:00 pm EST, Wed February 25, 2009

Apple board reassuring

Apple's board members at the annual shareholders meeting tried to boost investor confidence in the company despite Steve Jobs' absence. "I'm confident in the future of the company," said COO Tim Cook, the executive filling in for the CEO during his leave of absence. Cook also reminded the audience that Jobs still plans on returning to company after June.

"He is deeply involved in all strategic matters and has delegated day-to-day authority to Tim Cook and his team," said Genentech CEO Arthur Levinson, referring to Jobs' contributions through his leave, according to the New York Times. "That's where it stands."

The CEO's health was brought up as the first item during the question and answer session, as a shareholder wanted to know if the company intentionally kept Jobs' health status a secret and asked about a succession plan.

"We believe we have met all disclosure obligations," Levinson responded. He claimed the company regularly discusses succession planning and that "if there is new information we deem of import to disclose, that will happen."

Many shareholders were not satisfied with the lack of additional information, however. "I'm disappointed the board was not more forthcoming," said Brandon Rees, a representative of the AFL-CIO Reserve Fund, according to Dow Jones. "I feel like I don't know any more than I did," added Louis Malizia of the International Brotherhood of Teamsters.

Despite any disagreements the shareholders expressed over the disclosures, all eight board members were re-elected.




by MacNN Staff

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Comments

  1. testudo

    Joined: Dec 1969

    0

    Shocked!

    Usually boards try to push as much bad news and instill fear and uncertainty on their shareholders...

  1. eldarkus

    Joined: Dec 1969

    0

    health of Apple

    I'm disappointed the board was not more forthcoming," said Brandon Rees, a representative of the AFL-CIO Reserve Fund, according to Dow Jones. "I feel like I don't know any more than I did,"

    just curious.. how many of the shareholders asked about the health of everyone else on the board? I am a shareholder and I requested full medical records on every single member of the board.. still waiting for an answer to that one..

    now that I think about it.. I want medical records of all Apple employees and shareholders too. Because if all of the board members, employees & shareholders die.. I think the stock would take a serious plunge. So we all deserve this information.

    /sarcasm

  1. testudo

    Joined: Dec 1969

    0

    Re: health of apple

    The problem is that no one cares about the board. All they do is rubber stamp what Steve wants and give each other bonuses. Jobs is the CEO. He actually "runs" the company (more so on Jobs, who is known to control everything, not just hiring good people and letting them work).

    As for health of shareholders, they do less than the board. They just fund. As to employees, I'm sure it would be important to some if some critical employee (say Johnathan Ive, who makes the design of these computers - which allow them to command high prices, as people here say) we seriously ill.

  1. Guest

    Joined: Dec 1969

    0

    who give a $h!t.....

    There are a growing number of people living in tents now, less and less people are gonna be able to afford the fckin overpriced hardware that Apple chooses to overinflate.

    This is another round of failure for Apple weather you like it or not. You are stupid to hold on to stock, the market will NEVER be the same, buy gold and shut the f
    ck up.

    Computer prices will drop like chips in a bag.

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