Companies' plans for replacing key managers have been grabbing headlines since Apple disclosed in January that CEO Steve Jobs was taking another medical leave of absence. Shareholders want to know companies' succession plans, although directors may not be very concerned about the issue.
The Laborers' International Union of North America has filed a proposal with 10 companies to have succession planning put to a shareholder vote this year. The proposal asks companies to provide an annual report on CEO succession plans. Four–Hewlett-Packard, SunTrust Banks, Edison International and Jarden–have adopted proposals, says David Miller, a LiUNA spokesman. Apple's shareholders rejected the proposal. The five other companies are Bank of America, PG&E, Allstate, Intel and Red Robin.
"In addition, Whole Foods, Verizon and Comcast agreed to make additional disclosures on succession before we formally filed proposals this year," Miller says.
Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.
Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
- Informative weekly newsletter featuring news, analysis, real-world case studies, and other critical content
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
