Anderson previously served as executive vice president and Chief Financial Officer of Apple Inc. from March 1996 through June 2004. He took over the duties of CEO after the ouster of CEO Gil Amelio and before the appointment of Steve Jobs as interim CEO. His responsibilities at Apple included oversight of the company's controller, treasury, investor relations, tax, information systems, internal audit, facilities and human resources operations. On June 8, 2004, Anderson was appointed to Apple's board of directors. On October 4, 2006 Anderson resigned from Apple's board following a three-month investigation into Apple's stock option practices.
On April 24, 2007, the SEC filed a complaint against Anderson alleging that he failed to take steps to ensure the proper accounting for options granted to him and several other executive officers in 2001. Simultaneous with the filing of the complaint, Anderson settled with the SEC and paid $3.5 million for disgorgement of profits and interest and $150,000 for a civil penalty. At the time of the SEC settlement, Anderson’s attorney issued a public statement saying that Anderson had relied on representations from CEO Steve Jobs and unanimous approval of the Apple board in reaching the conclusion that the stock option grant in question was being properly handled. Under the terms of the settlement, Mr. Anderson may continue to act as an officer or director of public companies.