Attorney for Fred Anderson Issues Statement Regarding Settlement of Claims with the SEC
SAN FRANCISCO--(BUSINESS WIRE)--The following statement is attributed to Mr. Fred Anderson’s attorney Jerome Roth, a partner at Munger, Tolles & Olson LLP in San Francisco. This statement was issued following the announcement by the United States Securities and Exchange Commission that it had settled claims against Mr. Anderson arising from his tenure as Chief Financial Officer at Apple (NASDAQ:AAPL).
“Mr. Anderson has agreed to pay disgorgement, the difference in the value of the stock between the January 17 date and the date in early February when the UWC was signed by the Board.”
“Fred Anderson has a long-standing impeccable reputation and is widely regarded as one of the most ethical CFO's in the nation whose extraordinary contributions to Apple's success during his eight-year tenure are unquestioned. He is accurately recognized by many current and former Apple employees and throughout the industry as a man of exceptional ability, achievement and integrity.
“With respect to today’s announced settlement by the SEC of its complaint against him, Fred is pleased to put this matter behind him.
“In the settlement Fred makes no admission or denial of the claims by the SEC. The terms of the settlement permit Fred to continue to act as an officer or director of public companies and do not bar him from practicing before the SEC. The claims against him also do not include fraud under the two antifraud provisions of the securities laws requiring proof of knowing misconduct.
“With respect to the Executive Team grant that is the subject of the complaint against him:
“Mr. Anderson has agreed to pay disgorgement, the difference in the value of the stock between the January 17 date and the date in early February when the UWC was signed by the Board.
“With respect to the October 2001 grant to Mr. Jobs that is also the subject of the complaint, Fred had virtually no involvement as he was not a member of the Board and did not have a formal role in compensation matters pertaining to the CEO. Fred had absolutely no knowledge of any alteration of Board documents and this is reflected by the fact that he is not even mentioned in those charges.
“Fred Anderson remains proud of his accomplishments as a former CFO and Board member at Apple. He wishes the company and its many talented employees continued success. With this matter resolved, Fred looks forward to continuing his career as a Founder and Managing Director of Elevation Partners.”