Apple Shareholders Reject Steve Jobs Succession Plan

Annual meeting sees company stockholders vote down a call for a formal arrangement that would identify potential replacements if Jobs' health deteriorates further.
Shareholders of Apple on Wednesday voted down a plan that would have required the company to adopt a formal succession plan that would identify candidates to replace the ailing Steve Jobs as CEO if Jobs is unable to return to work.

The vote took place at Apple's annual meeting. Apple COO Tim Cook is currently filling the top spot at the iPad maker on an interim basis.

Apple shares have been under pressure after photos emerged last week that purported to show an emaciated Jobs entering a California cancer clinic for treatment. RadarOnline and The National Enquirer reported that Jobs is receiving care at the Stanford Cancer Center in Palo Alto. The Enquirer published photos of a frail-looking Jobs attending the clinic.

Two doctors who examined the photos for the tabloid but who have not personally treated the Apple CEO said Jobs' appearance indicates his condition is grave. Apple has not commented on the reports.

Jobs on Jan. 17 announced that he would take "a medical leave of absence so I can focus on my health." It's his second health-related hiatus in as many years. Jobs did not disclose details about his condition. Speculation has ranged from a return of the pancreatic cancer Jobs was first diagnosed with in 2003, or complications from a liver transplant he secretly underwent in 2008.

Jobs in a statement said that he would remain CEO and continue to be involved in major strategic decisions.

"I have great confidence in that Tim and the rest of the executive management team will do a terrific job executing the exciting plans we have in place for 2011," said Jobs. "I love Apple so much and hope to be back as soon as I can," Jobs said.