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?
For instance, after selling Ne Xt to Apple in 1997, his initial reason for acting as a consultant was to get “some of the Ne Xt people into some jobs where they could help Apple.” He himself was reluctant at first to take on the CEO role at Apple because he didn’t want the people at his other company, Pixar, to “think I was abandoning them.” Then when it came time to reward his “ultra key” executives with one million options each, two of them were from Ne XT. Q: Okay, Did the board in fact fire [Gil Amelio] the following week? According to the SEC interview, Jobs claimed he doesn't know much about accounting or backdating shenanigans and didn't know the practice was illegal.Jobs' options were also subsequently canceled when the fraud was brought to light and resulted in no financial gain to the oh-so-neglected CEO. So I wanted them to do something and so we talked about it.has managed to get its mitts on the Apple CEO's deposition with the US Securities and Exchange Commission conducted in the wake of Apple's backdating scandal.
Options backdating is the practice of altering the date a stock option was granted, to a usually earlier (but sometimes later) date at which the underlying stock price was lower.