Steve jobs back dating options
(For my co-authored account of problems raised by the rising power, and new types of, institutional investors see “Are Institutional Investors Part of the Problem or Part of the Solution.”) Martin argues that, instead, the primary purpose of the corporation should be a return to management in the “real market,” not the “expectations market,” and that this means “customers are the focus, and the central task of companies is to find ever better ways of serving them.” Martin’s manifesto is: “We must shift the focus of companies back to the customer and away from shareholder value.
In other words, we must turn our attention back to the real market and away from the expectations market.
At least in my view, there can also be no question that Jobs was not focused on shareholders or taking short-cuts or short-term actions to maximize shareholder value. It is hard to argue that fundamental business decisions were driven by stock options (although there is the issue of options back-dating in the debit column). Yet this has been a long process of product design, introduction and success.
Obviously, Apple shareholders have done just fine, with Apple and Exxon Mobil today changing places back and forth as the U. Ten years ago, Apple was not even in the top 100 U. companies by market cap (B then; around 0B now).
For more than a quarter century, the mantra, of course, […] " In the torrent of commentary following Steve Jobs’ death, few have noted that his career and his company say something profound in the endless debate about the purpose of the corporation.
For more than a quarter century, the mantra, of course, has been that corporations’ primary focus should be on shareholders and the primary goal should be to “maximize shareholder value.” The famous Michael Jensen and William Meckling article in 1976 argued that the solution to the principal-agency problem — business leaders advance their own interests not those of shareowners — was to make the goal of the corporation the highest return to shareholders and to align shareholders and business leaders through stock options grants.
.” (Emphasis mine.) Martin cites Thomas Edison and Henry Ford as people who created customer value through “innovations in products, services and business models. Without repeating the hundreds of thousands of words written about Jobs and Apple since his death, there can be no question that his deep commitment was to make innovative, robust and beautiful products that delighted customers.
Neither Heinen nor Apple commented on her departure other than to confirm it.
He spent extra funds to ensure that the product was right (replacing plastic with glass on the i Phone, for example).
He believed deeply in his own capacity to define new products that customers didn’t even know they wanted, in the process overturning other real markets in, for example, personal computers, music, cell phones, tablet computing and animated movies. It holds billion in cash with nary a thought of a buy-back.
Nancy Regina Heinen of Portola Valley, California, was the General Counsel and Secretary for Apple Computer, Inc.
(now Apple Inc.) between September 1997 and May 2006.