Apple Computer on Wednesday said former chief financial officer, Fred Anderson, has resigned from its board of directors, effective immediately.
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 Appleâs 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
30 Comments
I guess he can afford to be the fall guy on this one, and in return maybe won't be sued by Apple? I'm wondering when/if the feds get involved on this one?
I guess he can afford to be the fall guy on this one, and in return maybe won't be sued by Apple? I'm wondering when/if the feds get involved on this one?
My thoughts exactly. Former CFO takes the fall for the back-dated stock options "problem".
That CFO, he was such a Fomer. (proofread your titles, eh?)
EDIT: Thanks for clearing that up
I guess he can afford to be the fall guy on this one, and in return maybe won't be sued by Apple? I'm wondering when/if the feds get involved on this one?
I doubt if they ever do, the records will be turned over to the SEC and they will review. If there were big problems, the SEC would have said no need for an independent audit. The SEC is the one to watch here and they appear to be not so caring, my thought is that what Apple did was wrong, but not over the line. The SEC will have the final say though, but currently they are not saying much.