Apple’s former chief financial officer has resigned from
the board after an internal investigation by the company into stock
option awards.
The probe focused on the awarding of back-dated stock options to
Apple employees, including option offers made to Apple CEO Steve
Jobs.
Around 100 US technology companies are currently facing probes
by the US Securities and Exchange Commission (SEC) and federal and
state prosecutors over back-dated stock option awards.
As a result of the inquiry, former Apple CFO Fred Anderson has
resigned from the board. He was CFO at Apple up until 2004.
The company said, “Apple initiated this voluntary independent
investigation after a management review discovered irregularities
in past stock option grants.”
Apple said of the inquiry's findings, “The investigation raised
serious concerns regarding the actions of two former officers in
connection with the accounting, recording and reporting of stock
option grants. The company will provide all details regarding their
actions to the SEC.”
Apple said it had “found no misconduct by any member of Apple's
current management team”.
Back-dated stock options, which see recipients being offered
options at a previous low historical price, are not illegal, but
they have to be fully accounted for in accounts.