Apple Speaks Out: We Might Return Cash To Shareholders


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Apple has been treading lightly with Wall Street in recent months. The company’s stock has continued to nosedive despite reporting record earnings for the last quarter. Many investors have been urging Apple to do something with its $137 billion cash hoard. Shareholders want a return on their investments.

Greenlight Capital, a prominent and influential Apple investor, has called Apple out for its proposal to eliminate preferred stock. Apple started paying a quarterly dividend of $2.65 per share last year, but investors want something more substantial. Greenlight Capital’s David Einhorn believes that “preferred shares would be a way to reward investors without putting the company at risk.”

Apple has officially responded with a press release:

Apple Shareholders Vote Down Calls To Reveal Steve Jobs Succession Plan


Steve Jobs at Macworld in 2007. CC-licensed photo by Noboyuki Hayashi.
Steve Jobs at Macworld in 2007. CC-licensed photo

Apple shareholders have voted down a proposal that would have required Apple to disclose Steve Jobs’ succession plan.

The vote came at Apple’s annual meeting today. The proposal was brought by the Laborers’ International Union. Apple’s board also opposed.

Apple has said in the past that it has executive succession plan, though it hasn’t revealed what that plan is.

Steve Jobs wasn’t present at today’s meeting. He continues his indefinite medical leave. This is only the second time in a decade he has missed the annual event.

All Things D: Apple Shareholders Reject Proposal to Disclose Succession Plan