Apple Steps In A Decroded Pile Of Cr@#

Dec 28th, 2006 | By | Category: Computer Hardware, General

Apple, a company that has been flying high with a string of successes recently, now looks like it may get bogged down in a controversial stock option mess.
According to reports, Apple CEO Steve Jobs, who is one of the most respected and even revered business leaders in the world, received 7.5m stock options in 2001 without the required authorisation from the company’s board of directors. Apples Chief Financial Officer resigned earlier in the year because of financial irregularities.

Records that purported to show a full board meeting had taken place to approve Mr Jobs’ remuneration, as required by Apple’s procedures, were reportedly falsified. 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 issue.

Apple is among more than 160 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.


Leave a Reply