Wednesday, October 04, 2006

Steve Jobs is a bad apple?

Apple Computer Inc. announced (10/4/06) the findings of its three month investigation into stock option practices. Read the Apple Computer press release linked here.

A finding of note:

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.
Mr. Jobs apologizes:

"I apologize to Apple's shareholders and employees for these problems, which happened on my watch. They are completely out of character for Apple," said Steve Jobs, Apple's CEO. "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."
Chucking one bad apple:

The company also announced that Fred Anderson, Apple’s former CFO, has resigned from its board of directors. Mr. Anderson, who served as CFO from 1996 until 2004, informed the company that he believes it is in Apple’s best interests that he resign from the board at this time.

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