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NYT Reports Steve Jobs' Exoneration 129

Posted by Zonk
from the happy-days-for-stevo dept.
heyitsgogi writes "The New York Times is reporting that Apple has cleared Steve Jobs of any wrongdoing. From the article: 'In a filing with the Securities and Exchange Commission, Apple said that while its investigation revealed that the company's stock option procedures did not include sufficient safeguards to prevent manipulation, Mr. Jobs did not benefit financially from any questionable stock awards.' As a result of the internal investigation, Apple said it would record $84 million in expenses related to the options awards."
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NYT Reports Steve Jobs' Exoneration

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  • Whew.... (Score:4, Interesting)

    by Keebler71 (520908) on Friday December 29, 2006 @04:42PM (#17402486) Journal
    What a relief... Apple has made a press release that an internal Apple investigation found no wrongdoing by its CEO. I am sure that is worth a lot to the SEC and is in no way damage control against the investor jitters since it was leaked that the SEC was investigating...
  • Re:...what the!? (Score:3, Interesting)

    by pestilence669 (823950) on Friday December 29, 2006 @04:50PM (#17402556)
    Getting rid of incompetent management is harder than it sounds. That takes skill & balls. I've read a lot about Jobs' management style. Most CEOs don't seem to be as hands on. He seems to have a no compromise "my way or the highway" approach. I think his value is in his micromanagement.
  • by theodp (442580) on Friday December 29, 2006 @04:51PM (#17402560)
    Check out the documents Apple filed with the SEC Friday [sec.gov] acknowledging that a grant of 7.5M options to CEO Steve Jobs with an exercise price of $18.30 dated 10-19-2001 was actually finalized on 12-18-2001 when the share price was $21.01. Apple goes on to note that approval for the grant was 'improperly recorded' as occurring at a special Board meeting on 10-19-2001 - a special Board meeting that Apple now admits did not occur. Apple takes a page out of Mark Hurd's I-know-nothing-playbook [siliconvalley.com], insisting that 'There was no evidence, however, that any current member of management was aware of this irregularity.' Which begs the question: Don't any members of Apple management read those Proxy Statements they provide to investors and the SEC? In 2002 [sec.gov] and 2003 [sec.gov], Apple's Proxy Statements clearly stated that: 'in October 2001 the Compensation Committee recommended and the Board approved granting Mr. Jobs options to purchase 7,500,000 shares under the 1998 Plan in order to provide him with an incentive to continue to serve as the Company's CEO and maximize shareholder value.' Apple also points out in its SEC filing that Jobs did not receive or financially benefit from backdated options, apparently feeling that the 5M shares of restricted stock Jobs was given after 'voluntarily canceling' his underwater options grants in 2003 [cnn.com] shouldn't count.
  • Re:...what the!? (Score:2, Interesting)

    by Anonymous Coward on Friday December 29, 2006 @05:31PM (#17402982)
    The so-called reality distortion field is really just demanding perfection. In business, especially large ones, people slack because they know everybody else is slacking. Jobs' reputation of coming down to the smallest employee and either firing them or berating them for not producing perfection means that everybody feels everybody else is doing their part. The key ingredient is that despite this people like Jobs and want the team to succeed. Only a genius leader can do that, and that's why he's so valuable to Apple's success.
  • by SETIGuy (33768) on Saturday December 30, 2006 @01:55AM (#17406660) Homepage
    I don't see any possible motive for Jobs to do this other than to see just how well the Reality Distortion Field(tm) works.

    I don't think you understand how the billionaire mind works. They don't think of much of motivation when dealing with such trivial amounts of money. When you find a quarter in the vending machine change slot, how much effort do you exert to find the proper owner. What were your motivations in putting it in your pocket?

    I'm sure Steve feels the same way. He had a bunch of worthless options, he traded them in for some that aren't worthless. So he had to fake a board meeting. What's the big deal? It's only 1/10,000th of the value of the company that he's pocketing. Divide the amount by the (my estimate) 3 million Apple share holders and it's only a bit more than 2 bucks a piece. They can afford that. Besides, he's entitled to that money because he doesn't take a salary and after all when they gave him the (now worthless) options a while back, they were worth something. I'm sure Steve feels that he was owed...

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