Apple CEO: Shareholder suit is ‘silly sideshow’
Apple CEO Tim Cook is calling a shareholder lawsuit against the company a “silly sideshow,” even as he said he is open to looking at the shareholder’s proposals for sharing more cash with investors.
Investor David Einhorn sued Apple Inc. last week, saying a proposal slated for a vote at the company’s annual meeting in two weeks would make it more difficult to enact his plan to reward shareholders by distributing a new class of shares.
Cook said Apple’s proposal puts more power in the hands of shareholders, making it difficult to understand why a shareholder would fight it. Calling the fight a waste of time, Cook said Apple won’t waste money by mailing shareholders to persuade them to vote for the proposal.
“My preference is that everyone on both sides of this issue would take the money they’re spending on this and donating it to a worthy cause,” Cook said.