The independent investigation's key findings are: • The investigation found no misconduct by any member of Apple's current management team.• The most recent evidence of irregularities relates to a January 2002 grant."I apologize to Apple's shareholders and employees for these problems, which happened on my watch.
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And he never cashed in those options because they were replaced in 2003 by a grant of restricted stock.
CEOs at other companies have been forced to resign for such activities. His job may be saved by the fact that he did not directly profit.
More likely, though, he's been saved by his special status.
Jobs is Michael Jordan in the 1990s, Citigroup in the 1980s, Walter Cronkite in the 1960s.
But Apple makes clear that Jobs was directly involved in some instances of backdating.
The investigation "found that CEO Steve Jobs was aware or recommended the selection of some favorable grant dates." The committee hastens to add that Jobs "did not receive or financially benefit from these grants or appreciate the accounting implications." In other words, he didn't recommend backdating his own option grants.After accounting for forfeitures, Apple was forced to recognize stock-based compensation expense of 5 million on a pretax basis that it hadn't done so previously.Apple has essentially blamed former chief financial officer Fred Anderson and former general counsel and board secretary Nancy Heinen, both of whom are no longer with the company.Press Contacts: Steve Dowling Apple (408) 974-1896 [email protected], the Apple logo, Mac, Mac OS, Macintosh are trademarks of Apple.Other company and product names may be trademarks of their respective owners.He's a revered Hall of Famer who doesn't get whistled for fouls that send other pros to the bench. He is too popular—among investors, journalists, employees, analysts, and in the culture at large—for anyone to recommend that he be deposed. The scandals at Enron, World Com, Adelphia, and everywhere else ended the era of the rock-star CEO.