Due to a reporting error, an Oct. 16 story about stock options problems at Sanmina-SCI Corp. incorrectly described Steven Jackman as the general counsel of the company. In fact, Jackman is vice president and corporate counsel, not general counsel. In addition, as the story stated, Jackman had no involvement in the company’s stock option grants.
We regret the error.
When San Jose electronics company Sanmina-SCI announced Thursday the resignation of one executive responsible for stock option problems, the company refused to identify the individual.
But by Friday, one thing was clear � it wasn’t the general counsel.
Despite the growing list of companies whose top legal officers have resigned or been fired under a cloud of stock-options suspicion � including CNET’s Sharon Le Duy, who lost her job Wednesday � Sanmina’s Steven Jackman remains standing.
Jackman declined to comment Friday on how he’s managed to remain unscathed to this point, but Sanmina investor relations spokeswoman Paige Bombino said he “has no involvement” in stock-options grants and never has. Bombino would not explain Sanmina’s stock-options oversight policy.
In some companies with backdating problems, general counsel have escaped termination because they didn’t work there during the years when the companies granted questionable options. In most cases, boards and executives doled out fishy options before 2003, when new accounting rules made it nearly impossible to backdate.
But Sanmina said Thursday it found option grants that had been improperly dated or accounted for from 1997 up through this year, which would fall within Jackman’s time at the company.
This admission places Jackman in a select group. Among companies that have announced the departure of executives because of options problems, Jackman appears to be one of only two general counsel who have kept their jobs even though they were working at the time improper options grants occurred.
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