Apple Admits Backdating; CFO Fred Anderson Resigns

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Date: Thursday, October 5th, 2006, 13:01
Category: Legal

Apple (AAPL) said late Thursday that stock options granted on 15 dates between 1997 and 2002 were apparently backdated, and though CEO Steve Jobs was aware of favorable grants, he didn’t benefit personally and “was unaware of the accounting implications.

“In addition, the company announced that Fred Anderson, who served as Apple’s CFO from 1996 to 2004, resigned from the company’s board, believing it is in “Apple’s best interests” that he go.

The Street.com :: Apple Owns Up to Backdating

Apple (AAPL) said late Thursday that stock options granted on 15 dates between 1997 and 2002 were apparently backdated, and though CEO Steve Jobs was aware of favorable grants, he didn’t benefit personally and “was unaware of the accounting implications.

“In addition, the company announced that Fred Anderson, who served as Apple’s CFO from 1996 to 2004, resigned from the company’s board, believing it is in “Apple’s best interests” that he go.

The Street.com :: Apple Owns Up to Backdating

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