Apple CEO Tim Cook acknowledged widespread disappointment in the company’s sagging share price but shared few details about its secretive product pipeline or a raging debate about how to best reward shareholders.
The world’s most valuable technology company headed into its annual shareholders’ meeting at its headquarters yesterday on shakier ground than it has been accustomed to in years, since the iPhone and iPad helped vault the company to premier investment status.
A declining share price has lent weight to Wall Street’s demand that it share more of its $137 billion in cash and securities pile — equivalent to Hungary’s gross domestic product — a debate spearheaded by hedge-fund manager David Einhorn.
Einhorn was not spotted at the meeting. Cook repeated that the company’s board remained in “very very active” discussions about options for cash sharing, and said he shared investors’ dissatisfaction over the stock price.
“I don’t like it either. The board doesn’t like it. The management team doesn’t like it,” Cook told investors.