Apple Shareholders Reject Proposal to Reveal Steve Jobs Succession Plan

11:49 AM PST 02/23/2011 by Paul Bond

Apple said Wednesday that its shareholders rejected a proposal that would have forced the company into divulging its succession plan for CEO Steve Jobs, who went on an indefinite leave for unspecified medical reasons a month ago.

The Central Laborers' Pension Fund, a large stockholder, initiated the idea that Apple should make such disclosures, but Apple successfully argued that doing so would reveal confidential information to competitors as well as its own current and future executive employees.

Apple conducted the vote during the company's annual shareholders meeting Wednesday and announced preliminary results shortly thereafter, though it did not provide the voting breakdown.

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