Apple stock options scandal
p2pnet.net News:- Following an internal probe into Apple Computer stock option practices, company chief financial officer Fred Anderson, described by The San Francisco Chronicle as a, “buttoned-down guy with a steady eye on the bottom line,” has resigned.
Apple is among more than 100 companies, including Microsoft, being investigated.
Stock option manipulations, “sweeten executives’ compensation,” says the story.
Steve Jobs apologized to shareholders, “and acknowledged that he knew some stock-option grants were backdated to inflate their value,” says Bloomberg News, going on:
“The findings of the three-month probe may not shield Jobs, 51, from a deepening entanglement with the scandal.”
An Apple statement said the financial investigation also raised, “serious concerns” about the activities of two other unnamed former Apple officers and that it would, “share details with the Securities and Exchange Commission,” says The New York Times.
Analyst Charles R. Wolf is quoted in the story as saying, “The major risk in the backdating of options was that somehow Steve Jobs was actively involved” but, “The announcement today eliminated that possibility.”
Meanwhile, Anderson is managing director of private equity firm Elevation Partners, whose team includes U2 singer Bono.
U2 is central to several Apple iPod promos.
Anderson is also on the boards of of eBay and Move, formerly Homestore, and is audit chair for VG Holding Corp, says Elevation.
Also See:
The San Francisco Chronicle – Former CFO Anderson steered Apple through some rough times, October 6, 2006
Bloomberg News – Apple’s Jobs Apologizes to Shareholders Over Options Backdating, October 5, 2006
The New York Times – Apple Says Jobs Knew of Options, October 5, 2006
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