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Mc Guire, who was fined a record million by the Securities and Exchange Commission, also repriced his considerable amount of stock options and gave up some.
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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.
So he had to have a little talk with them about swapping his 20 million then-underwater options for 7.5 million new ones, which they did. I was trying to help Apple by getting some of the Ne XT people into some jobs where they could help Apple, and that’s pretty much all I was doing.
I’ve excerpted some of the juicier bits from the deposition below. On coming back to Apple and becoming CEO in 1997: Q: And I guess, just to go back in time then, I want to just try to understand a little bit the transition from having the title consultant to becoming CEO. A: Well, when Apple bought Ne XT, Apple was pretty messed up.
(It was the falsifying of board minutes for a meeting that never occurred, not the backdating per se, that got Apple’s former general counsel Nancy Heinen into hot water with the SEC—this deposition was for a case against her).
There aren’t too many revelations on the legal front in the document. So I took the title of interim CEO and agreed to come back for 90 days to help recruit a full-time CEO. But the document provides the first detailed account of the incident from Steve Jobs himself in his own words. I was very concerned that Pixar was a newly public company with shareholders, employees, and I felt that – – to my knowledge there had never been a CEO of two public companies before. What comes through in the deposition is how Jobs sees himself and his’ fierce loyalty to those who work for him. So I felt if I took the job, the Pixar shareholders and employees would think I was abandoning them. 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? While he was taking care of his top lieutenants by trying ti “surprise and delight them with what a career at Apple could be”, he was “hurt” that Apple’s board didn’t do the same for him. "When the issue of options backdating was disclosed, the market treated it with indifference and there was no abnormal movement in United's stock," the company says in its dismissal filing.Tags: Adult Dating, affair dating, sex dating