Apple backdated stock options

By: ha_hA_ha Date: 26.05.2017

Steve Jobs - Wikipedia

Steve Jobs, chief executive of Apple Computer, was handed 7. Records that purported to show a full board meeting had taken place to approve Mr.

apple backdated stock options

These are now among the pieces of evidence being weighed by the Securities and Exchange Commission as it decides whether to pursue a case against the company or any individuals over the affair, according to these people. Apple is among more than companies that have owned up to stock option backdating — handing options to executives and other employees at exercise prices that were set in hindsight at favorable levels — a scandal which has led to the departure of a number of chief executives.

In October, the company largely exonerated Mr.

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According to an Apple filing in , the options under review were handed to Mr. However, the purported board authorization was dated near the end of the year, suggesting that the benefits were both not properly authorized and were backdated.

Stock options backdating: What you need to know | Macworld

Jobs later surrendered his options before they were exercised, implying that he did not gain any direct benefit from them. He was later given a grant of restricted stock by the company instead. An Apple spokesman refused to comment on the matter on Wednesday, but said the company had handed the findings of its internal enquiry to the SEC.

At the same time, it also announced the resignation from its board of Fred Andersen, a former chief financial officer. Andersen had not been a director at the time of the options grant.

Microsoft named Satya Nadella on Tuesday as its new chief executive officer. Nadella, who joined the software company 22 years ago, replaces Steve Ballmer.

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