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Walking the Plank; Options Backdating

Publication Date: 
October 21, 2006
Source: 
The Economist

"The Economist" mentions the October 30 “Lucky Strikes” conference in Washington, DC and quotes Professor Joe Grundfest regarding the hypothetical question of if Steve Jobs does not remain CEO of Apple in the October 21, 2006 article, “Walking the plank; Options backdating”:

“The company's shareholders would not want to lose the man who revived their firm with products such as the iPod, says Joe Grundfest, co-head of the Rock Centre for Corporate Governance at Stanford University.

Mr. Grundfest suggests the "Martha Stewart solution." Having done time in jail for obstructing justice, Ms. Stewart returned to run her firm while the roles of chairman and chief executive, with their particular legal responsibilities, were filled by others. Indeed, jokes Mr. Grundfest, it is a wonder that the Martha Stewart solution--which lets the boss do the fun parts of the job while a "chief sacrificial lamb" shoulders the legal burdens--has not already become the norm.”