Apple Board Responds to ex-CFO Claims
Apple Board Responds to ex-CFO Claims
by , 4:35 PM EDT, April 25th, 2007
In an uncharacteristic move, Apple Inc's Board of Directors responded to the accusations from former CFO Fred Anderson that Steve Jobs was aware of the implications of improperly backdating stock option grants. The board said in a statement that Apple will not enter into a debate with Mr. Anderson or his attorneys over Mr. Jobs's involvement in the backdating issue.
The statement from board members Bill Campbell, Millard Drexler, Albert Gore Jr., Arthur D. Levinson, Eric Schmidt and Jerry York stated in part "Steve Jobs cooperated fully with Apple's independent investigation and with the government's investigation of stock option grants at Apple. The SEC investigated the matter thoroughly and its complaint speaks for itself, in terms of what it says, what it does not say, who it charges, and who it does not charge."
In essence, the Apple Board responded to Mr. Anderson's allegations to state that it would not respond.
After agreeing to a settlement with the Securities and Exchange Commission on Tuesday, Mr. Anderson released a statement through his lawyer claiming that he advised Mr. Jobs of the accounting implications when backdating stock option grants - Implying that Mr. Jobs was directly involved in improper stock option grant backdating and was aware of the possible consequences.
The board also stated "We have complete confidence in the conclusions of Apple's independent investigation, and in Steve's integrity and his ability to lead Apple."
Observer Comments
Thu Apr 26, 2007 12:26 am Subject: Pretty quick “non-responseâ€
The Board was quick to “not-respond†to Fred. Guess they wanted to nip in the bud any speculation that Steve might be asked to resign as a result of Fred’s assertions, and that they wanted to send a clear message that Steve has their full support.
Be all that as it may, i read Fred’s statement as CYA spin-doctoring, nothing more. I’m sure he’s already told the SEC as much as what was in his statement.
But there are many alarmists out there who would love to make this into something more than it is, in order to garner a little attention for themselves, or simply because they’re paranoid. The Board is simply trying to head the FUDmeisters off at the pass.
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