The shareholder meeting for Apple Inc shareholders would be held tomorrow at its headquarters in Cupertino, CA. A year ago, thunderous applause welcomed new CEO Tim Cook as he was introduced by the iconic Steve Jobs to be at the helm of the company.
Now a year later that applause may be too and far between as more and more shareholders led by Greenlight Capital hedge fund manager David Einhorn is questioning major corporate policy.
Einhorn and others are advocating a larger share for shareholders in the US$137.1 billion cash on hand asset held by Apple. They propose a preferred share with a perpetual payout, dubbed the "iPref".
It also is a time that share values have fallen 37% from September's peak and 14% from the previous year's shareholder meeting. Sales have been tepid and profit gains have put pressure on the company to create products that can again bring Apple to the heights it soared under Job's leadership.
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