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Apple Directors Informally Exploring CEO Succession Possibilities, Jobs Calls Report 'Hogwash'
The Wall Street Journal reports that some members of Apple's board of directors have informally been exploring possibilities for CEO succession should Steve Jobs permanently step down from his position.
Jobs has taken several medical leaves of absence over the past few years, the most recent of which began in January and has continued indefinitely. Jobs has however, made several public appearances at Apple media events to introduce new products.
The report suggests that at least some of the external discussions have been initiated by recruiters themselves, although the talks are said to have progressed beyond the routine contact directors normally have with such firms. Jobs has of course given no indication that he plans to step down permanently, and so discussions appear to so far be informal and preparatory in nature should the situation change.
While Apple declined to comment for the report, Jobs reportedly responded via email, saying "I think it's hogwash." Consequently, the Journal suggests that Jobs may have been unaware of the discussions.
Jobs has taken several medical leaves of absence over the past few years, the most recent of which began in January and has continued indefinitely. Jobs has however, made several public appearances at Apple media events to introduce new products.
Since Steve Jobs went on medical leave this winter, some members of Apple Inc.'s board have discussed CEO succession with executive recruiters and at least one head of a high-profile technology company, according to people familiar with the matter.The report notes that Apple's directors have long taken executive succession plans seriously, routinely holding private sessions at every board meeting to discuss the topic and update plans.
The conversations weren't explicitly aimed at recruiting a new chief executive and were more of an informal exploration of the company's options, said these people. The directors don't appear to have been acting on behalf of the full board, some of these people said.
Apple's independent directors take succession planning seriously, said a person familiar with the board's thinking. This person said Apple's independent board members discuss management succession in private sessions without Mr. Jobs held at every board meeting for the past 12 years.Apple Chief Operating Officer Tim Cook, who has been in charge of Apple's day-to-day operations in Jobs' absence, is still considered to be a top candidate for the job, but directors are understandably exploring all options and reaching out to multiple channels in order to help make the most informed decision possible.
"It's best practice,'' this person noted. "Everybody in the room is sworn to secrecy as to what it [the succession] plan is."
The report suggests that at least some of the external discussions have been initiated by recruiters themselves, although the talks are said to have progressed beyond the routine contact directors normally have with such firms. Jobs has of course given no indication that he plans to step down permanently, and so discussions appear to so far be informal and preparatory in nature should the situation change.
While Apple declined to comment for the report, Jobs reportedly responded via email, saying "I think it's hogwash." Consequently, the Journal suggests that Jobs may have been unaware of the discussions.
Tag: wsj.com
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103 months ago
I swore in the old preview pictures for keynotes they just showed steve jobs, in the most recent one they have split it over three people, I see this as a psychological attempt to get us to be used to not seeing steve jobs the centre of attention and get us used to other "lesser" beings :P
103 months ago
Hire me. I look great in jeans and a black mock turtleneck. Plus I'd be happy with just a small fraction of the current CEO's compensation.
which is less than $1 ? :eek:
103 months ago
Hire me. I look great in jeans and a black mock turtleneck. Plus I'd be happy with just a small fraction of the current CEO's compensation.
besides getting stock.. he only makes $1 from Apple... a YEAR
103 months ago
How can you read this article for free? I refuse to give Murdoch any of my money.
On the article, I doubt the board doesn't know whom will replace Jobs.
On the article, I doubt the board doesn't know whom will replace Jobs.
103 months ago
Hire me. I look great in jeans and a black mock turtleneck. Plus I'd be happy with just a small fraction of the current CEO's compensation.
Job's "compensation" is only $1, no?
103 months ago
Job's "compensation" is only $1, no?
His salary is $1. His compensation comes in the form of stock options and jet use.
103 months ago
No matter who the next CEO they won't have the vision that Steve has. However Apple is full of very talented people who have Steve's work ethic and philosophies in them. I believe Steve has built a great foundation for Apple to move forward and for someone like Cook to become the permanent CEO. However I hope Steve is CEO for years to come.
103 months ago
On earnings day? Coincidence?
Thanks for the latest panic report, stock price manipulators. You arrived right on time, as predicted. What I really meant to say is: this is disingenuous crap.
Thanks for the latest panic report, stock price manipulators. You arrived right on time, as predicted. What I really meant to say is: this is disingenuous crap.
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