We use cookies to provide you with a better experience. If you continue to use this site, we'll assume you're happy with this. Alternatively, click here to find out how to manage these cookies

hide cookie message
80,259 News Articles

Apple clears Jobs in options probe

Board assures SEC of confidence in chief exec

An investigation into past stock option grants at Apple has found that chief executive Steve Jobs was aware of procedural irregularities but did not benefit personally from the grants or understand the accounting implications.

Apple revealed the results of the investigation in documents filed with the US Securities and Exchange Commission (SEC) today.

The company also said it was restating its financial results with a total impact of $84m, including $21m combined for the years 2004, 2005 and 2006 as a result of the options probe.

The investigators found that Apple made a number of stock grants where the grant dates were intentionally selected to obtain favourable exercise prices. They reported serious concerns over the way that two former officers, whom Apple did not name, accounted for stock option grants.

Jobs appeared to have been exonerated by the investigation, however. "The board of directors ... has complete confidence in Steve Jobs and the senior management team," Apple said in its statement.


IDG UK Sites

Best camera phone of 2015: iPhone 6 Plus vs LG G4 vs Galaxy S6 vs One M9 vs Nexus 6

IDG UK Sites

In defence of BlackBerrys

IDG UK Sites

Why we should reserve judgement on Apple ditching Helvetica in OS X/iOS for the Apple Watch's San...

IDG UK Sites

Retina 3.3GHz iMac 27in preview: Apple cuts £400 of price of Retina iMac with new model