Steve jobs apple options backdating
Steve Jobs, chief executive of Apple Computer, was handed 7.5 million stock options in 2001 without the required authorization from the company’s board of directors, according to people familiar with the matter.
Records that purported to show a full board meeting had taken place to approve Mr.
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.Ultimately, the Apple stock-backdating scandal did not get pinned on Jobs.In the aftermath, Apple spokesman Steve Dowling said: “Following an exhaustive independent investigation, the special committee found no misconduct by Steve Jobs or any other current management.Stock options frequently tie into executives’ compensation.Typically, execs get the option to purchase a certain amount of stock at a set price.
The board has expressed complete confidence in Steve and senior management.” But the incident did affect how the public viewed Jobs.