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.While he was taking care of his top lieutenants by trying ti “surprise and delight them with what a career at Apple could be”, he was “hurt” that Apple’s board didn’t do the same for him.
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.There aren’t too many revelations on the legal front in the document. So I took the title of interim CEO and agreed to come back for 90 days to help recruit a full-time CEO. But the document provides the first detailed account of the incident from Steve Jobs himself in his own words. I was very concerned that Pixar was a newly public company with shareholders, employees, and I felt that – – to my knowledge there had never been a CEO of two public companies before. The basic idea was that many companies seemed to award stock options on days when their stocks were at low-points, which increased the value of the options when the stock increased and made the stock cheaper to buy for the executives.The academics concluded that something funny was going on.Roth declined to characterize the current relationship between Anderson and Jobs.The SEC charges are the first in the months-long Apple investigation.It was a tax advantaged way for companies to pay executives. Shareholders were correctly told the number of options granted and the price of the options.No one's pay was "inflated" by backdating, unless you assume that the alternative would have been awarding executives exactly the same number of options at less-advantageous prices.Still, given that (a) backdating helps make earnings look better than they are; and (b) Jobs is a huge shareholder of Apple (10.12 million shares, as of last April), how could he not benefit from this behavior? Jobs recommended some backdating dates for other employees.It turns out that Jobs did, indeed, receive backdated options—just not at his own direction. 18, 2001, when the stock stood at .01, the company gave Jobs a monster 7.5-million-share options grant dated Oct. By doing so, the company gave Jobs million in compensation for which it did not account properly. It also pretended the options grant was approved at a special board meeting, when no such meeting occurred. He received a massive grant that was approved at a phantom board meeting, though he didn't know about the phony meeting.