Apple today announced the successful completion of its employee stock option exchange program, which expired at 5:00 PM PT on Thursday April 17, 2003. In March, Apple’s Board of Directors approved two measures to reduce its issued stock options. The first measure was this voluntary stock option exchange program which allowed employees who are not executive officers and hold options with exercise prices of US$25 or above to exchange them for a lesser number of new stock options priced at fair market value.