Tag - Executives
Putting pressure on the company to accept an investor resolution, the Securities and Exchange Commission earlier this month endorsed a proposal that would require Apple to accelerate the recruitment of minorities on the iPhone maker's board of directors and among its senior executives. The agency said that the resolution, submitted by investor Antonio Avian Maldonado II, should be included in the proxy materials sent to shareholders, but Apple has responded by saying the proposal is an attempt at "micro-management."
Apple CEO Tim Cook and the rest of the executive team have announced, in consultation with the Board of Directors, a new program that goes beyond the existing Employee Stock Purchase Plan currently available to all employee and optionally grants employees at all levels and areas of the company -- including non-executives and retail workers -- small amounts of Restricted Stock Units (RSUs), small stock grants intended to help retain the valuable workers.
Like others recently, Tesla CEO Elon Musk felt compelled to walk back some harsh comments about Apple (which may -- or may not -- be a future competitor in electric vehicles) when critics pointed out that his comments were inaccurate. Musk appeared to be trying to unruffle feathers from Apple employees as well as executives with whom he has a relationship -- he and Apple's VP of Design Sir Jonathan Ive have been seen talking on a few occasions -- but may not have been successful.
Three recent appearances by leading Apple executives have provided further insight into their views on a variety of topics, ranging from Tim Cook's desire to be a role model to Sir Jonathan Ive's remembrances of Steve Jobs to music executive Jimmy Iovine's dislike of "freemium" music services. Ive and Iovine were interviewed as part of a conference hosted by Vanity Fair, while Cook was honored by the Human Rights Campaign last week for his position as a role model for LGBT youth as well as his efforts to promote diversity and equality in general.
In a move sure to be opposed by the myriad companies it owes money to, former Apple sapphire supplier GT Advanced Technologies is currently asking a bankruptcy court judge for permission to hand out over two million dollars in "executive bonuses" designed to help motivate and retain "key" employees -- largely the same group of senior executives who ran the company into the ground. In total, the company expects to apply for nearly $6 million in total bonuses and incentives to various levels of employees.
Samsung is taking a different path than previously thought during its yearly management shuffle, as the South Korean electronics manufacturer is keeping Head of Mobile Communications and Co-CEO Jong-kyun Shin in his post for the time being. However, during the company's yearly management change, at least three other executives in the mobile division will be removed from their positions.
Contrary to many media reports, the gathering of tech executives called to a meeting with President Obama were invited to weigh in on the US' digital surveillance policies and programs, and the topic dominated the two-hour meeting while still touching on other topics, such as the government's Healthcare.gov website and general Internet topics. The tech CEOs and representatives urged the government to adopt stricter rules over various NSA-related programs.
BlackBerry has lost two more high-level executives in the last few weeks, according to a report. T.A. McCann, vice president of social networking at the phone manufacturer, is said to have left the company two weeks ago, while senior director of handheld applications Marc Gingras apparently left in "recent weeks."
[Updated with details, stock grants for BoD] Despite recommending (and obtaining) a "no" vote on a similar measure, Apple has updated its bylaws and now requires executive officers to hold at least three times their annual salary in AAPL stock, reports the Wall Street Journal. The rule adopted by Apple has significant differences from the proposal put forth at Apple's annual shareholder meeting, but embraces the same principle -- that executives (and in this case non-executive directors as well) need to be personally invested in the companies they manage.
A lawsuit was brought against several key Apple executives on Friday, accusing CEO Steve Jobs and several others of fraud, in relation to the stock option backdating scandal in recent years. According to a filing with the US District Court in San Jose, Jobs stands with former financial officer Fred Anderson, as well as Nancy Heinen, William Campbel, Millard Drexler, Arthur Levinson, and Jerome York, in addition to the company itself.