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<img src="http://parcom.pro-networks.org/PROneT-News/mac_apple.gif" align="right" alt="Apple board member resigns in options probe">Apple board member resigns in options probe
By Joris Evers, and Stephen Shankland
October 4, 2006, 2:57 PM PT

Apple Computer's investigation into stock option grants has led to the resignation of a former chief financial officer from the company's board of directors. An investigation by a special committee of Apple's board found irregularities with stock option grants made between 1997 and 2002, the company said in a statement on Wednesday.

The investigation started about three months ago. Following the probe, Fred Anderson, who served as Apple's chief financial officer from 1996 until 2004, has resigned from his seat on Apple's board, the Cupertino, Calif., company said. Apple CEO Steve Jobs, in a few instances, was aware that favorable grant dates had been selected, Apple said in its statement.

"But he did not receive or otherwise benefit from these grants and was unaware of the accounting implications," the company said. "I apologize to Apple's shareholders and employees for these problems, which happened on my watch. They are completely out of character for Apple," Jobs said in the statement.

"We will now work to resolve the remaining issues as quickly as possible and to put the proper remedial measures in place to ensure that this never happens again." "Fred believed it was in Apple's best interests that he resign from the board at this time," said Apple spokesman Steve Dowling. "We're providing all details regarding the investigation to the SEC."

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