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Apple backdating scandal

And who did you consider to be these ultra key people? [Timothy Cook] who at the time I think was our Executive Vice President of Operations, maybe sales and operations, actually. But Jobs wasn’t just rewarding his lieutenants, he was trying to keep them. And sort of in this framework of options being, in part, a retention tool, is the idea to try to get a lower price so that there is the potential to maximize one’s profits on the options? Nevertheless, with one million shares each, every

And who did you consider to be these ultra key people? [Timothy Cook] who at the time I think was our Executive Vice President of Operations, maybe sales and operations, actually. But Jobs wasn’t just rewarding his lieutenants, he was trying to keep them. And sort of in this framework of options being, in part, a retention tool, is the idea to try to get a lower price so that there is the potential to maximize one’s profits on the options? Nevertheless, with one million shares each, every $1 increase translated into a $1 million gain and a million dollars is still a million dollars. the key thing is if the stock goes up, which we always hope it does, then the golden handcuffs are dramatically increased, which is what I was hoping would happen. Could you just tell me a little bit about the process of how this all came to be? Most biographies of Jobs mention the backdating story, and incidents like his fight with Gizmodo, after the site got its hands on his i Phone prototype. That’s something Steve would bring up over and over again: Values.

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And who did you consider to be these ultra key people? [Timothy Cook] who at the time I think was our Executive Vice President of Operations, maybe sales and operations, actually. But Jobs wasn’t just rewarding his lieutenants, he was trying to keep them.

And sort of in this framework of options being, in part, a retention tool, is the idea to try to get a lower price so that there is the potential to maximize one’s profits on the options? Nevertheless, with one million shares each, every $1 increase translated into a $1 million gain and a million dollars is still a million dollars. the key thing is if the stock goes up, which we always hope it does, then the golden handcuffs are dramatically increased, which is what I was hoping would happen. Could you just tell me a little bit about the process of how this all came to be?

Most biographies of Jobs mention the backdating story, and incidents like his fight with Gizmodo, after the site got its hands on his i Phone prototype. That’s something Steve would bring up over and over again: Values.

In the context of his values, I think the stories are symbolic.

“It’s not a reflection of the Steve I knew.” Director Alex Gibney might take that as an endorsement. I recognize a lot of myself in him, in the fact that I work very hard, probably to the detriment of the time I spend with my family.

increase translated into a

And who did you consider to be these ultra key people? [Timothy Cook] who at the time I think was our Executive Vice President of Operations, maybe sales and operations, actually. But Jobs wasn’t just rewarding his lieutenants, he was trying to keep them. And sort of in this framework of options being, in part, a retention tool, is the idea to try to get a lower price so that there is the potential to maximize one’s profits on the options? Nevertheless, with one million shares each, every $1 increase translated into a $1 million gain and a million dollars is still a million dollars. the key thing is if the stock goes up, which we always hope it does, then the golden handcuffs are dramatically increased, which is what I was hoping would happen. Could you just tell me a little bit about the process of how this all came to be? Most biographies of Jobs mention the backdating story, and incidents like his fight with Gizmodo, after the site got its hands on his i Phone prototype. That’s something Steve would bring up over and over again: Values.

||

And who did you consider to be these ultra key people? [Timothy Cook] who at the time I think was our Executive Vice President of Operations, maybe sales and operations, actually. But Jobs wasn’t just rewarding his lieutenants, he was trying to keep them.

And sort of in this framework of options being, in part, a retention tool, is the idea to try to get a lower price so that there is the potential to maximize one’s profits on the options? Nevertheless, with one million shares each, every $1 increase translated into a $1 million gain and a million dollars is still a million dollars. the key thing is if the stock goes up, which we always hope it does, then the golden handcuffs are dramatically increased, which is what I was hoping would happen. Could you just tell me a little bit about the process of how this all came to be?

Most biographies of Jobs mention the backdating story, and incidents like his fight with Gizmodo, after the site got its hands on his i Phone prototype. That’s something Steve would bring up over and over again: Values.

In the context of his values, I think the stories are symbolic.

“It’s not a reflection of the Steve I knew.” Director Alex Gibney might take that as an endorsement. I recognize a lot of myself in him, in the fact that I work very hard, probably to the detriment of the time I spend with my family.

million gain and a million dollars is still a million dollars. the key thing is if the stock goes up, which we always hope it does, then the golden handcuffs are dramatically increased, which is what I was hoping would happen. Could you just tell me a little bit about the process of how this all came to be? Most biographies of Jobs mention the backdating story, and incidents like his fight with Gizmodo, after the site got its hands on his i Phone prototype. That’s something Steve would bring up over and over again: Values.

apple backdating scandal-21apple backdating scandal-30

And I was very concerned because Michael Dell, one of our chief competitors, had flown Fred Anderson, our CFO, down to Austin, I guess, him and his wife, I think, to try to recruit him. Well, I talked with the board almost every meeting about, you know, key personnel, because I think that’s the key asset Apple has, is its talent . I kept the interim CEO title for quite some time, a number of years. Apple was in a precarious situation in that we’d, you know, had the internet bubble busting, and I thought that Apple’s executive team and the stability of Apple’s executive team was one of its core strengths. Well, it just kind of slid into the fact that I stayed. The “mega grants” were designed to be one big grant instead of smaller grants every year. Jobs explains the reasoning behind his compensation strategy: One of the things that I felt was that rather than giving them shares once a year, as is common in some companies, I would rather give them four years’ worth of stock upfront. In other words, not the sort of people who could turn Apple around? So I was very concerned that Apple could really suffer some big losses on its executive team with the business environment we were in and the competitors coming after our people. One of the reasons for me making this film was to offer something of a corrective. Interviews with Susan Wojcicki, Tim Armstrong, Jonah Peretti, Lydia Polgreen, Campbell Brown, Adam Mosseri, Brit Morin, Peter Rice, Janice Min, Kerry Trainor, Rony Abovitz, Adam Silver, Yaron Galai, Mike Mc Cue, Kevin Mayer, Jack Conte and others.On March 18, 2008, Steve Jobs was deposed by the SEC during its investigation of Apple’s stock option backdating scandal. And when you say you failed, is it that you didn’t find anyone that you thought would be suitable to take on the role? The deposition was never made public until Forbes published it on Friday, after obtaining it through a Freedom of Information Act request. (Full deposition embedded below) Jobs explains his reasoning for why he asked the board for mega grants of options for both himself and his top executives, but claims ignorance of the mechanics of how that was done after the board approved the grants themselves. It’s hard to understand why the head of such an enormous company would be so upset about Gizmodo writing a story about his lost i Phone.What do you think his fans will think of the movie?

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  1. Jan 8, 2018. In the mid-2000s, an investigation by the Securities and Exchange Commission resulted in the resignations of more than 50 senior executives and CEOs at firms across the spectrum from restaurant chains and recruiters to home builders and health care. High-profile companies including Apple.

  2. On April 24, 2007, the SEC announced it would not file charges against Apple and Jobs, but had filed charges against former Apple chief financial officer Fred D. Anderson and former Apple general counsel Nancy R. Heinen for their alleged roles in backdating Apple.

  3. Apr 25, 2009. On March 18, 2008, Steve Jobs was deposed by the SEC during its investigation of Apple's stock option backdating scandal. The deposition was never made public until Forbes published it on Friday, after obtaining it through a Freedom of Information Act request. Full deposition embedded below.

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