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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.But Apple makes clear that Jobs was directly involved in some instances of backdating.CUPERTINO, California — October 4, 2006 — Apple® today announced that the special committee of its board of directors has reported its findings after a three month investigation into Apple’s stock option practices.The special committee of outside directors, together with independent counsel and accountants, examined more than 650,000 emails and documents, and conducted interviews with more than 40 current and former employees, directors and advisors.Though Anderson might be bitter, Ebeling said, "I would give his statement credibility." At the same time, she said, the fact that the SEC investigation has proceeded thus far without charging Jobs is a good sign for the Apple chief executive."Things are looking more favorable for Jobs," she said. The stock fell about 3 percent after Anderson's statement around 1 p.m. The SEC and Justice Department have also been looking into stock options backdating at Pixar, where Jobs was chairman and chief executive before the company was bought by the Walt Disney Co. An internal investigation at Walt Disney concluded last month that Jobs had not acted improperly in the award of options to senior Pixar executives.
Jobs, Anderson said, told him not to worry because the board of directors had approved the maneuver.
But the options scandal has never touched a more exciting company than Apple or a more thrilling executive than Jobs. In June 2006, a special committee of Apple outside directors, chaired by former Vice President Al Gore, hired its own attorneys to investigate options backdating at the company. It turns out there were literally thousands of examples of backdating at Apple—6,428 options grants on 42 dates over a period of several years.
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.
They are completely out of character for Apple," said Steve Jobs, Apple's CEO.
"We will now work to resolve the remaining issues as quickly as possible and to put the proper remedial measures in place to ensure that this never happens again."The company also announced that Fred Anderson, Apple’s former CFO, has resigned from its board of directors. Anderson, who served as CFO from 1996 until 2004, informed the company that he believes it is in Apple’s best interests that he resign from the board at this time.