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.