Investors are finding the red-hot tech giant a more open place in the post-Steve Jobs era. CEO Tim Cook yesterday said the company will begin electing directors to its board by a majority vote. Up to now, directors took their seats under the Jobs-enacted plurality system — the victor was the one who got the most votes.
Cook, headlining his first annual meeting since becoming chief executive last August upon Jobs’ death, also opened up to shareholder pressure concerning the massive $97.6 billion pile of cash on the company’s balance sheet. Cook said he was in “active discussions” with the board about what to do with the loot.
Investors want some of that money returned to them in the form of a dividend, an idea Jobs looked upon with disdain. He thought dividends were for the weak. Apple has more cash than it needs to run the company, Cook told investors. The Apple boss all but assured that some cash return was forthcoming. If Apple chose to use half its cash for a one-time dividend, it would amount to roughly $50 a share.
Cook did rule out a stock split for the company...
Read more: http://www.nypost.com/p/news/business/sweeter_apple_wVwkIrymUkVu3qxOrfdFdI#ixzz1nJsPVL56
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