Apple board member and ex CFO resigns

An investigation by a special committee of Apple’s board found irregularities with stock option grants made between 1997 and 2002, the company said in a statement on Wednesday. The investigation started about three months ago.Following the probe Fred Anderson who served as Apple’s CFO for eight years until 2004, resigned his seat on Apple’s board.

"Fred believed it was in Apple’s best interests that he resign from the board at this time," said Apple spokesman Steve Dowling. "We’re providing all details regarding the investigation to the SEC."

The investigation found no misconduct by any member of Apple’s current management team, but did raise "serious concerns" regarding the actions of two former executives in connection with the accounting, recording and reporting of stock option grants, Apple said in its statement.