BusinessCompany NewsFormer Apple CFO warned Jobs of options danger

Former Apple CFO warned Jobs of options danger

Fred Anderson, Apple's former financial chief, claims he told Steve Jobs that options grants would have to be priced correctly

Former Apple finance
chief Fred
Anderson
has delivered a hammer blow to his former CEO Steve Jobs by
claiming he had made Jobs aware of the dangers of options backdating.

The Apple CEO was cleared by an internal review of any culpability but is
still the subject of an inquiry from state prosecutors

Jobs signed off on grants made to
Apple top brass in
February 2001, but the options were backdated to January 17 2001, boosting their
value.

A lawyer for Anderson said: ‘Fred was told by Steve Jobs in late 2001 that Mr
Jobs had the agreement of the board of directors for the executive team grant
would have to be priced based on the date of the actual board agreeement or
there could be an accounting charge,’
The
Times
reported.

‘He further advised Mr Jobs that the board would have to confirm its prior
approval in a legally satisfactory method.’

Jobs told Anderson the board had given approval but it has emerged the
records of the meeting were false.

Anderson made the allegations after agreeing to pay more than $3.5m (£1.7m)
to draw a line under his own backdating issues. The former CFO did not admit or
deny any wrongdoing as part of the settlement with the Securities &
Exchange Commission.

Further reading:

Blackberry to restate £128.5m in
earnings
 

US attorney general to probe Apple stock
options
 

Apple takes £42.5m options backdating
hit

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