“Apple Computer moved last week to answer questions about its problems with stock options, but in the end it left plenty unanswered, including the role played by Fred D. Anderson, who resigned Wednesday from the company’s board,” Laurie J. Flynn reports for The New York Times.
“Mr. Anderson resigned after a special committee of directors disclosed that it had found irregularities with stock option grants made between 1997 and 2002, a period when he served as chief financial officer. The company said only that Mr. Anderson believed that it was ‘in Apple’s best interests’ that he leave the board,” Flynn reports.
Flynn reports, “Mr. Anderson was once a trusted adviser to Steven P. Jobs, Apple’s chief executive, and played an important role in the company’s financial turnaround. Analysts said he appeared to be paying the price for the problems with Apple’s stock options grants even through his degree of control over the program was unclear. ‘I would say that Jobs and the Apple board threw Fred under the bus to keep it from hitting them,’ said Lynn E. Turner, a former chief accountant at the Securities and Exchange Commission and a managing director at Glass, Lewis & Company, which advises institutional investors on corporate governance.”
Flynn reports, “The company reiterated that it expected to restate its financial results to account for the extra compensation expense related to the options. Mr. Foley questioned why the company had not yet quantified the potential impact for investors. ‘After three months, you don’t know what the number is,’ he said. ‘Come on.'”
Full article here.
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The New York Times?! Now, THERE’s an unbiased repository of all things good, logical, fair, and true!
ROTFLMAO!
“I would say that Jobs and the Apple board threw Fred under the bus to keep it from hitting them . . . “
I doubt it was a bus. More likely a Gulfstream V. Much more classy.
I once knew a man who knew a man who told me that he knew what the real deal was with this company that he had heard had some unusual issues with something from years ago. The man said he was qualified to comment on it just because it’s what he did for a living and that his source was foolproof because he had worked in the analysis business for years after having been a handyman and gardener. I knew better, though, because I had my own friend . . . and he’s never wrong.
Come on! Isn’t it way too early to know the real deal yet?
BTW- Caladryl, good take.
Now Foley is investigating?
MW–other–as in –the other Foley