Apple's proxy statement reveals Tim Cook's pay and Carl Icahn's proposal
posted by Alan F. / Dec 28, 2013, 12:23 AM
At the urging of the executive, Apple changed the vesting rules for the shares. Instead of them vesting based on longevity, for Cook to receive the entire award, Apple's shares must outperform two-thirds of the shares in the S&P 500 each year.
According to the proxy, at the annual stockholders' meeting on February 28th, investor Carl Icahn will submit a proposal that would ask the company to buy back $50 billion of its own shares by September 27, 2014. Icahn owns 3.9 million shares of Apple at last count, valued at $2.2 billion. Apple is recommending that shareholders turn down the proposal. While Apple says that it still is committed to returning cash to shareholders, it says that it needs to be flexible with access to its resources, according to a statement.
Another proposal would prevent Apple from issuing preferred stock without a shareholder vote. This would prevent the company from offering high-dividend preferred stock at the discretion of executives, without an approval from a majority of common stockholders. Apple says it wants to eliminate this "blank-check" authority to issue preferred shares because the preferred shares could be "misused" by the board to block a merger.
Posts: 571; Member since: Nov 19, 2012
Woa, only 4.25 million.
posted on Dec 28, 2013, 1:08 AM 3
Posts: 1064; Member since: May 08, 2013
thats what i was thinking, only 4.25 well for a ceo thats like nothing and considering how much money apple makes. Who's getting all this money ?
posted on Dec 28, 2013, 11:41 AM 0
Posts: 1654; Member since: Jul 10, 2013
What are icahns plans after the $50B buy back? Fire sale every stock he's got? I personally am upset that he would openly dictate business decisions that so obviously benefit himself over the company he has stock in. Greed is apparently his closest friend. Apple is supposed to spend another $50B for one persons benefit? Good idea. If you're not interested in a company succeeding over the long term, don't buy their stock and stay out of their business... actually, stay out of their business, period. Aren't you happy with the tons of money they made you? Or is it never enough - so you keep brazenly squeezing out every last dime at everyone else's expense.
posted on Dec 28, 2013, 1:15 AM 3
Yeap, I'm sure the board sees it that way as well. One reason why they hopefully wont do it...
posted on Dec 28, 2013, 3:07 AM 4
Posts: 4974; Member since: Mar 04, 2010
First, Icahn isn't the only person who'd benefit. Second, who in the business world buys shares to stand behind a company? They put their money into a company to make more money. It's no different than what I'm told when I mention that I think a business move by Apple seems shady. Everyone says that they're there to make money, not to be a charity or an ethical paragon. So why should their shareholders be any different? Thses people believe in a company only to the point that it'll make them money, not to help the company in the future. Otherwise the stock market would be a lot different, full of idealists instead of hardcore capitalists. There are literally tons of movies and news reports on the greed at wall street's heart. Wolf of Wall Street, Boiler Room, Wall Street, even Trading Places just to name a few. While I agree that your outlook is how it should be, it's just not how it is for 99% of the people in the stock market.
posted on Dec 28, 2013, 9:34 AM 2
Posts: 30875; Member since: Feb 05, 2011
Cook, loan a brother a few $$$.
posted on Dec 28, 2013, 7:58 AM 0
Posts: 10457; Member since: May 14, 2012
And a few iPad Airs, Mini w/ R, MBP w/ R, iPhone 5S 64GB Champaign, and a new Mac Pro. :)
posted on Dec 28, 2013, 9:52 AM 0
Posts: 380; Member since: Feb 27, 2012
Keep waiting. That could require an overhaul of their current OSX, not even just in the UI department. Also, if Macbooks were to have touch screens, those would cannibalize iPad sales, or probably iPads would be looked as the "cheaper," more mobile alternative, even if those aren't full blown computers. Anything could happen, though - that'd be interesting. Still, people would get used to an iPad faster than a Mac. Sadly, iOS may also have more games than Macs, lol. Just kidding! ...Though I hope it's not true!
posted on Dec 28, 2013, 8:40 PM 0
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