The Mac Observer

Skip navigational links

You're viewing an article in TMO's historic archive vault. Here, we've preserved the comments and how the site looked along with the article. Use this link to view the article on our current site:
Apple: No Misconduct By Current Mgmt., CEO Steve Jobs Apologizes

Apple: No Misconduct By Current Mgmt., CEO Steve Jobs Apologizes

by , 5:00 PM EDT, October 4th, 2006

Apple on Wednesday announced the findings of the committee looking into its stock option practices, finding no misconduct by any members of the current management team but noting "serious concerns regarding the actions of two former officers in connection with the accounting, recording and reporting of stock option grants." Former CFO Fred Anderson has resigned from the board of directors, stating that he believed such acton was "in Apple's best interests."

Mr. Jobs stated in a press release: "I apologize to Apple's shareholders and employees for these problems, which happened on my watch. They are completely out of character for Apple. We 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's CEO was previously mentioned as part of the probe, but the company said: "In a few instances, Apple CEO Steve Jobs was aware that favorable grant dates had been selected, but he did not receive or otherwise benefit from these grants and was unaware of the accounting implications." In total, stock option grants on 15 dates between 1997 and 2002 appear to have been backdated to be beneficial to the recipient, according to the company.

Apple will now make the Securities and Exchange Commission (SEC) aware of its findings. It still expects to have to restate previous financial statements, but it is still not sure which fiscal periods will require restatement and how that will impact past earnings. The company added that it "continues to proactively inform the SEC of its findings."

Digg!

Recent TMO Headlines - Updated May 22nd

Mon, 6:41 PM
Supreme Court Just Killed Marshall Texas Patent Troll Business
Mon, 6:00 PM
Apple Plans to Change Scrolling in Safari
Mon, 5:27 PM
The Good That Has Come Out of Apple's Mac Lapses
Mon, 5:14 PM
Apple's New Switcher Campaign — for iPhone
Mon, 4:00 PM
Time-Lapse Video of Living Zen Sand Art Coffee Table
Mon, 3:46 PM
TMO Background Mode Interview with Computer Historian and Author David Greelish
Mon, 3:34 PM
Leaked Pics Compare iPhone 8 Size to iPhone 7s and 7s Plus
Mon, 2:03 PM
Apple's Driverless Test Car Caught in the Wild
Mon, 1:50 PM
Ford's Interest in Autonomous Cars, iOS 11 Wish List - TMO Daily Observations 2017-05-22
Mon, 1:35 PM
114 Year Old Car Company Puts Self Driving Car Exec In Charge
Mon, 11:52 AM
Drive Genius 5 Standard License: $39
Mon, 11:48 AM
Nike Unveils VaporMax Flyknit Apple Watch Bands
  • __________
  • Buy Stuff, Support TMO!
  • Podcast: Mac Geek Gab
  • Podcast: Apple Weekly Report
  • TMO on Twitter!