Apple Inc. will hold its annual meeting this week without Chief Executive Officer Steve Jobs, his first absence since he reclaimed leadership of the company more than a decade ago, Bloomberg reported.
The Feb. 25 meeting -- a day after Jobs's 54th birthday -- will give shareholders the opportunity to question executives and Apple's directors, who have remained silent about the CEO's health since he went on medical leave last month. It is also earlier in the year than usual; for the past 10 years, Apple has held the meeting in March, April or May.
Corporate-governance experts have rebuked Apple's board for not addressing Jobs's health earlier and in more detail. After the CEO appeared thinner last year, rumors about his health sent the shares plunging. Jobs, a cancer survivor, said in a Jan. 5 statement that he was seeking a relatively simple treatment for his weight loss. Nine days later, he took a medical leave through June, saying his health problems were "more complex."
"The company has a responsibility to let public shareholders know that the organizational structure will be sound if Steve Jobs has to leave for any reason," said Apple investor Ryan Jacob, head of the Jacob Internet Fund. Apple is the fund's third-largest holding, accounting for 5.9 percent of its investments as of Dec. 31. The amount of disclosure about what's going on has been "poor at best," he said.
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