Steve jobs back dating stock options


17-Sep-2020 10:43

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All three companies will be forced to restate earnings for the periods in question, which can be a laborious and time-consuming process.

It is possible that Apple could face more than a slap on the hand from the SEC, as in some instances, backdating and springloading options can result in criminal charges of fraud.

And I was very concerned because Michael Dell, one of our chief competitors, had flown Fred Anderson, our CFO, down to Austin, I guess, him and his wife, I think, to try to recruit him. Well, I talked with the board almost every meeting about, you know, key personnel, because I think that’s the key asset Apple has, is its talent .

I kept the interim CEO title for quite some time, a number of years. Apple was in a precarious situation in that we’d, you know, had the internet bubble busting, and I thought that Apple’s executive team and the stability of Apple’s executive team was one of its core strengths.

Apple Computer has concluded an internal investigation into backdated stock options and found that while CEO Steve Jobs was aware of the practice, he did not personally benefit from it.

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Jobs issued an apology to Apple shareholders and employees, saying that the problems "which happend on my watch" are "completely out of character for Apple." He added that the company "will now work to resolve the remaining issues as quickly as possible and to put the proper remedial measures in place to ensure that this never happens again." Apple is not the only company to be busted for backdating stock options.

Some names were redacted in the original, but I’ve reinserted them in brackets where it is obvious who Jobs is talking about I’ve also bolded some parts for emphasis.

And when you say you failed, is it that you didn’t find anyone that you thought would be suitable to take on the role?

(It was the falsifying of board minutes for a meeting that never occurred, not the backdating per se, that got Apple’s former general counsel Nancy Heinen into hot water with the SEC—this deposition was for a case against her).

There aren’t too many revelations on the legal front in the document. So I took the title of interim CEO and agreed to come back for 90 days to help recruit a full-time CEO.

The company says that 15 stock option grants during that time period appear to have been backdated, but that no members of Apple's "current management team" engaged in any misconduct around the options.