Apple Challenged by Investors on Jobs Succession Planning
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Apple Inc.’s board faces a showdown with investor groups today over its succession plan for Chief Executive Officer Steve Jobs, who is on medical leave for the third time in the past seven years.
Under a resolution slated for a vote at Apple’s shareholder meeting, the board would be asked to disclose plans for replacing Jobs and explain how it’s nurturing the executive team under him. The proposal, backed by the Laborers’ International Union of North America, is endorsed by the investor-advisory service Institutional Shareholder Services.