“Steve Jobs, the man rolling out iPods, iPhones and cool computers to millions of adoring customers, once felt he wasn’t getting enough respect–from his own board of directors. That, at least, was what he told the Securities & Exchange Commission while explaining his actions in the Apple option-backdating scandal that broke in 2006,” William P. Barrett reports for Forbes.
“SEC lawyers grilled Jobs last year as part of a backdating lawsuit against Nancy R. Heinen, Apple’s ex-general counsel and Jobs’ longtime colleague. Without admitting anything, she paid $2.2 million to settle charges that she had backdated option grants for Jobs, herself and others, and ginned up bogus paperwork to hide the backdating, including minutes of a nonexistent Apple board meeting,” Barrett reports.
Barrett reports, “After a Freedom of Information Act battle, this magazine got a copy of Jobs’ sworn examination… At some point in 2001 Jobs went to his board and asked for a big option grant. In the deposition Jobs said he had simply wanted a pat on the back. ‘It wasn’t so much about the money,’ The Forbes 400 member told an SEC lawyer. ‘Everybody likes to be recognized by his peers. … I felt that the board wasn’t really doing the same with me.’ With all of his prior stock options underwater from the dot-com bust, ‘I just felt like there is nobody looking out for me here, you know. … So I wanted them to do something, and so we talked about it. … I thought I was doing a pretty good job.'”
Barrett reports, “Wouldn’t it have been nice, he was thinking, if the board had come to him and said, ”Steve, we got this new grant for you,’ without me having to suggest anything or be involved in anything or negotiate anything. … It would have made me feel better at the time.'”
Full article, “Steve Jobs: Nobody Loves Me,” here.
MacDailyNews Take: We bet that the Board never let Jobs feel unloved ever again.