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Former IBM and Chrysler finance chief Jerome York is an Apple director who had responsibility for awarding some stock options under review, according to the Wall Street Journal.
Stephen Taub, CFO.com | US
October 11, 2006
Questions have reportedly been raised about two directors—including one prominent former CFO—who served on a special committee examining previous Apple Computer stock option grants.
Jerome York, a former longtime finance chief of IBM Corp. and Chrysler Corp., is an Apple director who had responsibility for awarding some of the options under review, according to The Wall Street Journal. Citing in part a lack of board independence at General Motors, York resigned from the General Motors board last Friday.
The paper said York recused himself from the three-member special committee that examined the option awards because they were granted during the period he considered himself directly involved in compensation issues.
Eric Schmidt, who also sat on the special committee, was reportedly chief executive officer of Novell Inc. between 1997 and 2001. During that time, possible options backdating issues occurred that are the subject of an internal investigation at Novell, according to the Journal.
Former U.S. Vice President Al Gore was the third member of Apple's committee probing the options grants. Gore, however, had joined the computer maker’s board after the Apple options under question were granted, according to the paper.
Apple spokesman Steve Dowling would only confirm that the committee investigating the options grants had three members, according to the Journal. The paper said the when he was reached by phone, York said, "The company is aware of properly conducting investigations."