Tim Cook Says Apple is Working on 'New Categories', Discussing Cash Pile
At Apple's annual shareholder meeting today, CEO Tim Cook said the company is working on 'new categories' and is in 'very, very active' talks about what to do with their growing cash pile, reports Bloomberg.
Apple shares slipped as Cook ended the company’s annual shareholder meeting without giving any additional insight on what he’ll do with the company’s $137.1 billion in cash and investments. Shareholders re-elected Apple’s board, approved Ernst & Young LLP as accountant and passed a non-binding measure on executive compensation.
A proposal that would have required Apple to obtain shareholder approval for issuing preferred shares was canceled before the meeting. A judge granted David Einhorn of Greenlight Capital a preliminary injunction against Apple stopping the shareholder vote.
The directors re-elected include CEO Tim Cook; Chairman Art Levinson; former Avon Products Inc. CEO Andrea Jung; former U.S. Vice President Al Gore; J. Crew Group Inc. CEO Mickey Drexler; former Intuit Inc. CEO Bill Campbell; former Northrop Grumman Corp. CEO Ron Sugar; and Walt Disney Co. CEO Bob Iger.