WSJ: Apple board members have informally explored CEO succession options

Posted:
in General Discussion edited January 2014
Members of Apple's executive board have reportedly discussed succession plans with outside consultants in the event that Steve Jobs can no longer run the company, though Jobs himself has characterized details in a new report from The Wall Street Journal as "hogwash."



Citing "people familiar with the matter," the Journal reported on Tuesday that members of Apple's board discussed CEO succession options with executive recruiters. They are also alleged to have spoke with the head of one high-profile technology company.



"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 report said. "The directors don't appear to have been acting on behalf of the full board, some of these people said. Apple has seven directors, including Mr. Jobs."



The authors said they reached out to Jobs in an e-mail on Monday with a series of questions. The chief executive reportedly responded with: "I think it's hogwash."



The alleged discussions on the part of board members are said to have taken place after the company announced earlier this year that Jobs would take another medical leave of absence from the company. Three people reportedly said that "a couple" of Apple's directors held talks about the company's leadership after they were informally approached by recruiters with search firms.



"Apple's directors have made no decision about whether to retain executive recruiters, these people said. Some of the people who talked with Apple directors said they considered the conversations to be more than the routine discussions that they typically have with board members."



A person who anonymously spoke with the newspaper revealed that Apple's independent board members have discussed succession in private sessions without Jobs for the last 12 years. They said investors will only learn of Jobs' successor when he decides to retire or if the board ousts him. They also reportedly acknowledged that any departure of Jobs "is going to be traumatic" for the company.



Chief Operating Officer Tim Cook is labeled as a "leading candidate" for the CEO role should Jobs leave, though it was said that Apple's directors have a list of criteria they would like to have in the company's next chief executive.







Though Jobs has relinquished his day-to-day CEO obligations to Cook, he has still made numerous appearances since his departure in January. In early June, he led the keynote at Apple's annual Worldwide Developers Conference, and that same week he pitched a plan for a new 12,000-employee "spaceship" campus to the Cupertino, Calif., City Council.



Apple has been publicly called out on a number of occasions to disclose its succession plan to investors. Apple has countered that disclosing the secret "comprehensive succession plan" publicly would "undermine efforts to recruit and retain executives."



One survey conducted in February found that just 35 percent of companies -- including Apple -- have drafted a formal CEO succession plan. That's in spite of the fact that 98 percent of executives polled by Korn/Ferry International believe a CEO succession plan is an important part of corporate governance.
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Comments

  • Reply 1 of 31
    zindakozindako Posts: 468member
    Are you seriously publishing an article from that scum Rupert murdochs wsj company about some nonsense that is exactly that, a rumor?



    Let me find out appleinsider is conservative troll.
  • Reply 2 of 31
    bageljoeybageljoey Posts: 1,728member
    My first thought is that Apple is leaking this to come out now because they have very positive numbers to report today...
  • Reply 3 of 31
    shadashshadash Posts: 470member
    Quote:
    Originally Posted by AppleInsider View Post


    The authors said they reached out to Jobs in an e-mail on Monday with a series of questions. The chief executive reportedly responded with: "I think it's hogwash."



    Does this mean Jobs thinks the board (allegedly) going behind his back is hogwash or that the whole story is hogwash? The latter seems much more likely, but its unclear.
  • Reply 4 of 31
    jimdreamworxjimdreamworx Posts: 1,060member
    Quote:
    Originally Posted by Bageljoey View Post


    My first thought is that Apple is leaking this to come out now because they have very positive numbers to report today...



    Or someone is worried about their options for next month.
  • Reply 5 of 31
    dr millmossdr millmoss Posts: 5,403member
    Quote:
    Originally Posted by shadash View Post


    Does this mean Jobs thinks the board (allegedly) going behind his back is hogwash or that the whole story is hogwash? The latter seems much more likely, but its unclear.



    That's my question. Makes it sound like board members are initiating these explorations behind his back. A strange story.
  • Reply 6 of 31
    gqbgqb Posts: 1,934member
    Anyone who doesn't think that this is a blatant attempt to manipulate the stock just prior to earnings is naive.

    On the other hand, WSJ is probably 'hacking' into Apple's phones... they are a Murdoch rag now.
  • Reply 7 of 31
    macrulezmacrulez Posts: 2,455member
    deleted
  • Reply 8 of 31
    macrulezmacrulez Posts: 2,455member
    deleted
  • Reply 9 of 31
    maestro64maestro64 Posts: 4,147member
    Quote:
    Originally Posted by shadash View Post


    Does this mean Jobs thinks the board (allegedly) going behind his back is hogwash or that the whole story is hogwash? The latter seems much more likely, but its unclear.



    Hogwash it Steve's way of saying no comment, just like you others have no clue to what he is making no comment to
  • Reply 10 of 31
    maestro64maestro64 Posts: 4,147member
    A better discussion, who do you think they can find, really does anyone name jump out as a logical choose. Who in the technology industry does people highly respect and could this person get the people to follow his direction. Face I can not think of anyone who has so many success in a row as Steve has, even the failure he may or may not have had are not even noticeable.
  • Reply 11 of 31
    HERE IT IS BOYS!!!



    Apple Delivers Blowout Results as iPad Sales Nearly Triple





    HOLY CRAP!



    http://www.cnbc.com/id/43811493
  • Reply 12 of 31
    prof. peabodyprof. peabody Posts: 2,860member
    Quote:
    Originally Posted by AppleInsider View Post


    Members of Apple's executive board have reportedly discussed succession plans with outside consultants ...



    Oh come on!



    This is obviously just about manipulating the stock. Apple Insider should be ashamed for even printing this muck.



    They are looking *outside* the company for a CEO so they can replace the world's most successful CEO of the world's most successful company at the height of their success? Even though they already have a written succession plan in place?



    Right.
  • Reply 13 of 31
    The company said it sold 9.25 million iPads during the quarter,



    nearly triple the amount it sold a year earlier.



    IPhone sales more than doubled to 20.34 million.
  • Reply 14 of 31
    charlitunacharlituna Posts: 7,174member
    Quote:
    Originally Posted by shadash View Post


    Does this mean Jobs thinks the board (allegedly) going behind his back is hogwash or that the whole story is hogwash? The latter seems much more likely, but its unclear.



    I don't think that Jobs doubts that some folks might be talking about the situation 'behind his back' but I do think he doubts that anyone would admit to it.



    And if there was any truth to the claims that someone has talked to a CEO from another company it would have leaked out who by now.



    Legally Apple has to have a plan and they do. But just as legally they don't have to tell us every time the CEO farts, can't get it up or has a headache, they don't have to disclose the details of the plan. We'll find out what it is when it is needed. Although we may already have one detail thanks to Tim Cook taking over while Jobs is on leave.
  • Reply 15 of 31
    anantksundaramanantksundaram Posts: 18,515member
    Quote:
    Originally Posted by FriedLobster View Post


    The company said it sold 9.25 million iPads during the quarter,



    nearly triple the amount it sold a year earlier.



    IPhone sales more than doubled to 20.34 million.



    But... but... they don't do Flash!
  • Reply 16 of 31
    elrothelroth Posts: 1,201member
    Quote:
    Originally Posted by Maestro64 View Post


    A better discussion, who do you think they can find, really does anyone name jump out as a logical choose. Who in the technology industry does people highly respect and could this person get the people to follow his direction. Face I can not think of anyone who has so many success in a row as Steve has, even the failure he may or may not have had are not even noticeable.



    If they go outside of Apple for the next CEO, they're totally crazy stupid.
  • Reply 17 of 31
    dr millmossdr millmoss Posts: 5,403member
    Quote:
    Originally Posted by MacRulez View Post


    Number of accusations of Apple stock manipulation in AI forums this year: 3,478

    Number of actual cases of Apple stock manipulation investigated by the FTC this year: 0



    QFT!



    BTW I'm sure my neighbor is burying dead bodies in his back yard even though I've never actually seen any, and neither has anyone else.
  • Reply 18 of 31
    nhtnht Posts: 4,175member
    Quote:
    Originally Posted by MacRulez View Post


    Number of accusations of Apple stock manipulation in AI forums this year: 3,478

    Number of actual cases of Apple stock manipulation investigated by the FTC this year: 0



    Well, yeah. Why would the FTC investigate stock manipulation?



    On the other hand the SEC...



    http://tinyurl.com/3wx3ebq



    I would assume the investigation started late last year is in full swing this year.



    Here's the AI article from last year:



    http://www.appleinsider.com/articles...el_checks.html
  • Reply 19 of 31
    nhtnht Posts: 4,175member
    Quote:
    Originally Posted by charlituna View Post


    Legally Apple has to have a plan and they do. But just as legally they don't have to tell us every time the CEO farts...



    There's an app for that...
  • Reply 20 of 31
    quinneyquinney Posts: 2,503member
    Quote:
    Originally Posted by MacRulez View Post


    Number of accusations of Apple stock manipulation in AI forums this year: 3,478

    Number of actual cases of Apple stock manipulation investigated by the FTC this year: 0



    The USDA hasn't investigated either. I am outraged.
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