Companies' plans for replacing key managers have been grabbing headlines since Apple disclosed in January that CEO Steve Jobs was taking another medical leave of absence. Shareholders want to know companies' succession plans, although directors may not be very concerned about the issue.
The Laborers' International Union of North America has filed a proposal with 10 companies to have succession planning put to a shareholder vote this year. The proposal asks companies to provide an annual report on CEO succession plans. Four–Hewlett-Packard, SunTrust Banks, Edison International and Jarden–have adopted proposals, says David Miller, a LiUNA spokesman. Apple's shareholders rejected the proposal. The five other companies are Bank of America, PG&E, Allstate, Intel and Red Robin.
"In addition, Whole Foods, Verizon and Comcast agreed to make additional disclosures on succession before we formally filed proposals this year," Miller says.
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