Story of the Week (DR):

Apple names John Ternus as CEO to replace Tim Cook, who will become chairman

Apple CEO Tim Cook is stepping down

Meet John Ternus, the 51-year-old former swimming champ who will succeed Tim Cook as Apple CEO

Tim Cook to step down as Apple CEO. In letter, describes 15 years of emails

Tim Cook’s exit is part of a CEO reckoning sweeping Corporate America

Are internal CEOs the way to go?

Best Buy taps insider Jason Bonfig as new CEO, Corie Barry steps down

She’s actually leaving the board

Lululemon names former Nike exec Heidi O'Neill as CEO MM

Lululemon CEO Pick Heidi O’Neill Faces Skeptical Wall Street AND Lululemon shares dive on new CEO pick — as investors fear she may not have chops to save struggling company

O’Neill brings more than 30 years of experience in performance apparel, footwear, and sports, including over 25 years at Nike, where she was credited with transforming their women’s business from a side-project into a global juggernaut. Her leadership spanned product creation, brand strategy, marketing, and global operations, making her one of the most influential executives in the company’s modern era. Most recently, she served as President, Consumer, Product & Brand, overseeing Nike’s global consumer and product engine

Golden hello: $7M equity, $2M cash

Roughly 75% of Lululemon’s customers are women

Lululemon board: 7 of 11 F

Chair Martha Morfitt

Committees:

Audit: 2 of 3 F, including chair

Nomination: 3 of 5

Pay: 3 of 5 F, including chair

Also: CFO, Chief Merchandising Officer, Chief People & Culture Officer, Chief Legal and Compliance Officer, Chief Brand & Product Activation Officer

Now we get why Chip is so mad: Chip Wilson, Lululemon’s founder, largest shareholder and chief agitator, has not weighed in on the pick yet, although he previously advocated for waiting to name a new CEO until the board could be reset

Best Buy taps insider Jason Bonfig as new CEO, Corie Barry steps down

Best Buy taps insider Bonfig to succeed veteran Barry as CEO amid demand slowdown

Oil giant BP suffers shareholder revolt over climate transparency at tense AGM

“BP suffered a shareholder revolt at its AGM over the election of a new chair and resolutions that included dropping some climate disclosure obligations”

BP failed to get majority shareholder approval on two highly anticipated motions, which would have permitted online-only AGMs and retired two company-specific climate disclosure obligations. Each resolution received around 47% support, far short of the required 75% required to pass.

Ahead of the AGM, BP’s board blocked a motion tabled by Follow This that would have required the company to share plans on creating value for shareholders under future scenarios of falling oil and gas demand.

Resolution 1: Annual Report and Accounts – 98% For / 2% Against

Resolution 2: Directors' remuneration report – 95% For / 5% Against

Resolution 3: Directors' remuneration policy – 95% For / 5% Against

Resolution 4: To elect Albert Manifold as a director – 82% For / 18% Against

Some activist investors had said even a 5% vote against Manifold, who has only been in post as chair since October, would represent a severe reprimand, particularly after a historic 24% vote against outgoing chair Helge Lund last year.

Resolution 5: To elect Meg O'Neill as a director – 97% For / 3% Against

Resolution 6: To re-elect Kate Thomson as a director – 96% For / 4% Against

Resolution 7: To re-elect Dame Amanda Blanc as a director – 95% For / 5% Against

Resolution 8: To re-elect Tushar Morzaria as a director – 96% For / 4% Against

Resolution 9: To re-elect Ian Tyler as a director – 96% For / 4% Against

Resolution 10: To re-elect Satish Pai as a director – 92% For / 8% Against

Resolution 11: To re-elect Dr Johannes Teyssen as a director – 89% For / 11% Against

Resolution 12: To re-elect Hina Nagarajan as a director – 96% For / 4% Against

Resolution 13: To elect Dave Hager as a director – 97% For / 3% Against

Resolution 14: Reappointment of auditor – 100% For / 0% Against

Resolution 15: Remuneration of auditor – 100% For / 0% Against

Resolution 16: Political donations and political expenditure – 98% For / 2% Against

Resolution 17: Directors' authority to allot shares – 96% For / 4% Against

Resolution 18: Special resolution: Authority for disapplication of pre-emption rights – 99% For / 1% Against