Wednesday, October 04, 2006, 06:00 pm
Former CFO Fred Anderson resigns from Apple boardApple Computer on Wednesday said former chief financial officer, Fred Anderson, has resigned from its board of directors, effective immediately.
Anderson's departure was made public in a statement from the iPod maker, in which it reported that a 3-month internal probe into its stock option practices turned up multiple instances of backdating.
The Cupertino, Calif.-based company said a special committee of outside directors discovered 15 dates between 1997 and 2002 in which stock option grants to executives or board members listed dates that precede the approval of those grants.
In a few instances, Apple chief executive Steve Jobs was said to have been aware of the favorable grants, but was unaware of the accounting implications. He also did not benefit from the grants.
"The investigation raised serious concerns regarding the actions of two former officers in connection with the accounting, recording and reporting of stock option grants," Apple said.
Anderson, who served as CFO from 1996 until 2004, informed the company that he believes it is "in Apples best interests" that he resign from the board at this time.
Anderson is a managing director and co-founder of Elevation Partners, a private equity firm. He also serves as a director on the boards of both eBay and E.piphany.
Former Apple chief financial officer, Fred Anderson
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