Steve Jobs
7
Stock options backdating issue
In 2001, Steve Jobs was granted stock options in the amount of 7.5 million shares of Apple with an exercise price of $18.30, which allegedly should have been $21.10, thereby incurring taxable income of $20,000,000 that he did not report as income. This indicated backdating. Apple overstated its earnings by that same amount. If found liable, Jobs might have faced a number of criminal charges and civil penalties. Apple claimed that the options were originally granted at a special board meeting that may never have taken place. Furthermore, the investigation is focusing on false dating of the options resulting in a retroactive $20 million increase in the exercise price. The case is the subject of active criminal and civil government investigations, though an independent internal Apple investigation completed on December 29, 2006 found that Jobs was unaware of these issues and that the options granted to him were returned without being exercised in 2003. On July 1, 2008 a $7 billion class action suit was filed against several members of the Apple Board of Directors for revenue lost due to the alleged securities fraud.
Management style
Much has been made of Jobs' aggressive and demanding personality. Fortune wrote that he "is considered one of Silicon Valley's leading egomaniacs." Commentaries on his temperamental style can be found in Mike Moritz's The Little Kingdom, one of the few authorized biographies of
Jobs; Jeffrey S. Young's unauthorized Steve Jobs: The Journey Is the Reward; The Second Coming of Steve Jobs, by Alan Deutschman; and iCon: Steve Jobs, by Jeffrey S. Young & William L. Simon.
Jef Raskin, a former colleague, once said that Jobs "would have made an excellent king of France," alluding to Jobs' compelling and larger-than-life persona.
Jobs has always aspired to position Apple and its products at the forefront of the information technology industry by foreseeing and setting trends, at least in innovation and style. He summed up that self-concept at the end of his keynote speech at the Macworld Conference and Expo in January 2007 by quoting ice hockey legend Wayne Gretzky:
Floyd Norman said that at Pixar, Jobs was a "mature, mellow individual" and never interfered with the creative process of the filmmakers.
Personal life
Jobs married Laurene Powell, on March 18, 1991. Presiding over the wedding was the Zen Buddhist monk Kobun Chino Otogowa. The couple have a son, Reed Paul Jobs, and two other children. Jobs also has a daughter, Lisa Brennan-Jobs (born 1978), from his relationship with Bay Area painter Chrisann Brennan. She briefly raised their daughter on welfare when Jobs denied paternity, claiming that he was sterile; he later acknowledged paternity. Lisa gave birth to a son in 1993, making Steve a grandfather.
In the unauthorized biography, The Second Coming of Steve Jobs, author Alan Deutschman reports that Jobs once dated Joan Baez. Deutschman quotes Elizabeth