Apple CEO Tim Cook: We are “Working On” New Product Categories; in “very very active” talks on what to do with its cash and I feels shareholders pain.
Apple CEO Tim Cook: We are “Working On” New Product Categories
At Apple’s annual shareholder meeting on Wednesday, CEO Tim Cook revealed that the company is working on new product categories. This could be anything from a new watch-like device (iWatch) or a full-fledge TV (Apple iTV)
According to Reuters, Tim Cook said the following at the meeting:
- The new campus will be “slightly” delayed.
- Apple’s in “very very active” talks on what to do with its cash
- He feels shareholders’ pain, urges long-term focus
In addition to the above report, The Wall Street Journal is reporting that Tim Cook and the companies’ board of directors were well supported by shareholders with Tim Cook receiving receiving more than 90 percent vote of confidence:
Ian Sherr and Jessica E. Lessin writing for the Wall Street Journal:
[quote] Shareholders also voted in favor of the company’s proposed appointment of Ernst & Young LLP as its independent auditor, as well as an advisory vote on executive’s compensation. Shareholders voted down two shareholder proposals however, which attempted to direct how much stock the company’s leadership must retain, and another proposal to create a director-level committee on human rights. Apple’s directors opposed both proposals as well.
Apple general counsel Bruce Sewell said Wednesday it was “committed” to reviving the proposal that bundled several corporate governance measures. Mr. Einhorn sued Apple to block the vote because he believed it could hamper Apple from adopting his proposal for a new type of preferred dividend-yielding stock to return more cash to shareholders.
A representative from the public pension fund Calpers said it had “great regret” the proposal was taken off the table and that it believed the proposal would have passed. Another shareholder encouraged Apple to address the corporate governance matters as separate items in the future so shareholders could vote on them individually.[/quote]
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