Tim Cook Says Apple is Working on 'New Categories', Discussing Cash Pile

Posted February 27, 2013 at 7:37pm by iClarified | Please help us and submit a translation by clicking here | 10259 views

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.

Read More


Share
Add Comment
Follow iClarified
Ralph Lauren Introduces 'Polo Tech' Shirt That Delivers Workout Data to iPhone [Video]
Apple Reportedly Reaches Agreement With American Express for iPhone Payments System
Apple Campus 2 Construction Filmed With GoPro Drone [Video]
Check out this video that takes a closer look...
Video Shows How Easy it is to Steal ATM Pin Codes with an iPhone [Watch]
Stealing ATM Pin Codes and other passwords co...
Apple is Reportedly Considering a Price of $400 for the iWatch
Apple is currently discussing pricing the iWa...