CUPERTINO, CA – A fractious annual general meeting of the tech giant Apple Inc. nearly ended in what one corporate insider called “potential disaster”. After a fierce debate, the shareholders voted today to reject a proposal to change the name of the iconic forty-year-old corporation to Orange Inc. The no vote was carried by a narrow margin of one percent.
Apple, with worldwide sales of $229 billion, has been consistently ranked as the most valuable brand on the globe, so the proposal to change the name pitted traditionalists against new age thinking.
“I’m deeply disappointed” said Alvin Holstead, a shareholder from Los Angeles, who proposed the name change and led the discussion from the floor. “I mean, let’s get with it, people! Why must we always remain in lockstep with the past?”
Holstead, who called himself an “activist”, a “foodie” and an “advocate for oranges everywhere” said that he owns ten shares of stock in Apple Inc. His impassioned speech caught the attention of another like-minded shareholder at the meeting. James Archer from Tampa, Florida, who owns thirty shares of Apple stock, seized upon the idea and threw his full support behind it.
“It’s really all about personal choice,” said Archer. “I’ve always liked oranges better than apples, and anyway, they’re better for you, with all that vitamin c and such.”
As the news of the debate over the name spread to the public before the vote, the stock price of Apple Inc. dipped sharply and temporarily wiped billions of dollars of investment capital off the NASDAQ.
The financial media have termed the controversy: FruitGate. The market has now recovered, but uncertainty lingers about the future.
Holstead and Archer were unrepentant about the Apple contretemps. They have formed an organization they are calling Change-for-the-sake-of-Change, and are signing up names for their cause.
“Well we may have lost round one, but we’ll be back here at the annual meeting again next year,” Holstead said. “I mean, if orange is the new black, why can’t it be the new Apple?” Source: FNT Staff
Photo credit: Original images by: Linkedin Learning/Apple Inc. , School of Thinking, and Zurb Foundation