How can I bypass activation lock on company's iPhone?

Tell him to check his web browser autofill entries, the Keychain, and other records, or use Apple's iForgot service, or contact their Account Security team, or if you're the unit's original owner, click here and submit an unlock request. If it's managed by Apple Configurator, the lock can also be bypassed through there.

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All of the possible methods have already been described. The activation lock is an anti-theft measure.

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