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Apple CEO to Answer for Backdated Stock Options

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Apple CEO to Answer for Backdated Stock Options

Technology

Apple CEO to Answer for Backdated Stock Options

Apple CEO to Answer for Backdated Stock Options

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  • <iframe src="https://www.npr.org/player/embed/14586537/14586365" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
  • Transcript

The U.S. Securities and Exchange Commission has reportedly ordered Apple Inc.'s CEO Steve Jobs to answer questions in a case against the company's former general counsel. Nancy Heinen is accused of backdating more than $20 million in stock options for Steve Jobs and other executives. That refers to pushing back the stock date to a time when the price was lower, to increase its cash value. Apple has acknowledged Jobs was involved in some backdating. But the company claims he didn't do anything wrong, because he didn't "appreciate the accounting implications."