Apple Computer Inc. said that chief executive Steve Jobs knew about the company’s practice of backdating stock options awarded to executives, but wasn’t aware of the full accounting implications. Apple made the announcement after wrapping up a three-month internal investigation into the timing of stock option grants that resulted in the resignation of former chief financial officer Fred Anderson from its board of directors. Apple also said in a statement that it had expressed concerns to the Securities and Exchange Commission about actions, related to stock option grants, taken by two former officers.
The company said in a news release that Jobs did not receive or otherwise benefit from any of the improperly granted stock options, and he was not aware of the accounting implications of the practice at the time. The investigation found no misconduct by current Apple employees.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access