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Apple CFO Peter Oppenheimer to retire at end of September

post #1 of 56
Thread Starter 
Peter Oppenheimer, senior vice president and chief financial officer of Apple, will retire from the company at the end of September, after spending 18 years with the Mac maker, it was announced on Tuesday.

Oppenheimer


Upon Oppenheimer's departure, Luca Maestri, Apple's current vice president of Finance and corporate controller, will serve as the company's new CFO. A transition between the two employees will begin in June.

"Peter has served as our CFO for the past decade as Apple's annual revenue grew from $8 billion to $171 billion and our global footprint expanded dramatically," said Apple Chief Executive Tim Cook. "His guidance, leadership and expertise have been instrumental to Apple's success, not only as our CFO but also in many areas beyond finance, as he frequently took on additional activities to assist across the company. His contributions and integrity as our CFO create a new benchmark for public company CFOs.

Outgoing Apple CFO Peter Oppenheimer said he plans to spend more time with his family, travel, and finish the requirements for a pilot's license."Peter is also a dear friend I always knew I could count on. Although I am sad to see him leave, I am happy he is taking time for himself and his family. As all of us who know him would have expected, he has created a professional succession plan to ensure Apple doesn't miss a beat."

Oppenheimer's retirement comes as the outgoing CFO was announced on Monday to be joining the board of directors at Goldman Sachs. He has spent the last decade as Apple's chief financial officer, and has been with the company since 1996.

"I love Apple and the people I have had the privilege to work with and after 18 years here, it is time for me to take time for myself and my family," Oppenheimer said in a statement. "For quite some time, I have wanted to live on the central coast of California and get more involved at Cal Poly, my alma mater; spend more time with my wife and sons; travel to interesting parts of the world; and something I have wanted to do for years-- finish the requirements for my pilot's license."

During Oppenheimer's tenure, Apple has seen its annual revenue grow more than twentyfold. The company credits him with overseeing development of "a disciplined global financial strategy, robust systems and procedures, and a very strong balance sheet."

Oppenheimer is a graduate of California Polytechnic and he has an MBA from the University of Santa Clara. In addition to Goldman Sachs, Oppenheimer also serves on the boards of the California Polytechnic State University Foundation, as well as Sacred Heart Schools in Atherton, Calif.

Controller


His replacement, Maestri, has over 25 years of experience in building and leading finance teams in global companies, Apple said. He previously served as CFO of Xerox before joining Apple in early 2013.Apple's next CFO, Luca Maestri, has been with the company since early 2013. He previously served as CFO at Xerox, Nokia Siemens Networks, and General Motors.

Prior to Xerox, Maestri worked for 4 years at Nokia Siemens Networks, and 20 years at General Motors, where he handled financial operations for the company in a variety of roles across the globe. Maestri received a bachelor's degree in economics from Luiss University in Rome in 1988, and a master's degree of science from Boston University in 1991. He is also a board member of The Principal Financial Group.

"Luca has over 25 years of global experience in senior financial management, including roles as a public company CFO, and I am confident he will be a great CFO at Apple," Cook said. "When we were recruiting for a corporate controller, we met Luca and knew he would become Peter's successor. His contributions to Apple have already been significant in his time with us and he has quickly gained respect from his colleagues throughout the company."

Apple on Tuesday touted Maestri's "broad international background," in which he has spent time living and working in Italy, Poland, Ireland, Switzerland, Singapore, Thailand, Brazil, Germany and the U.S. While at GM, he was part of the team that established the automaker's regional operations in Asia Pacific, while he also helped restructure operations in Brazil and Argentina, returning them to profitability.
post #2 of 56
Exciting news. Good call.

He did wonders for Apple over his tenure, but it was time.
post #3 of 56
Great to have something to look forward to beyond work.
post #4 of 56
Quote:
Originally Posted by anantksundaram View Post

Exciting news. Good call.

He did wonders for Apple over his tenure, but it was time.

Why?

 

I read some of your posts saying that he was great when Apple was smaller, but not anymore. Lots of posters agree with you, but I don't get it. As far as $ goes, Apple has 0 problems.

post #5 of 56

Surprised to see Peter go, but good for him.  Family's what's important.  He had a great run at Apple - best of luck to him in semi-retirement.  I'm not familiar with his replacement, but I can't imagine him falling too far from the tree.

post #6 of 56

Surely I can't be the only one annoyed with this kind of writing:

 

Quote:
after spending 18 years with the Mac maker,
post #7 of 56

Somebody called this yesterday in the article about him joining the Goldman Sachs. Spot on!

 

Hopefully the person they're putting in place of Peter will do just as well, if not better. 

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post #8 of 56
Quote:
Originally Posted by anantksundaram View Post

Exciting news. Good call.

He did wonders for Apple over his tenure, but it was time.

 

Why did I know you'd be the first person to comment. :)
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post #9 of 56
Apple's CFO seem like artists : they never get old, since the public only knows them through the same old photographs ...

There is more stupidity than hydrogen in the universe, and it has a longer shelf life.

Frank Zappa

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There is more stupidity than hydrogen in the universe, and it has a longer shelf life.

Frank Zappa

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post #10 of 56

Rat abandoning a sinking ship¡¡

post #11 of 56
Contrast this to Apple's last organizational announcement when they announced Scott Forstall was leaving. He got one sentence, and it didn't even wish him well in his future endeavors. Just shows how much he must have been disliked at Apple, at least amongst the executive team.
Quote:
Apple also announced that Scott Forstall will be leaving Apple next year and will serve as an advisor to CEO Tim Cook in the interim.
post #12 of 56
Quote:
Originally Posted by SudoNym View Post

Anybody who would leave Apple voluntarily is a bum.  If he doesn't enjoy it, he should never have been there in the first place.
WTF?
post #13 of 56
Quote:
Originally Posted by anantksundaram View Post

Exciting news. Good call.

He did wonders for Apple over his tenure, but it was time.
The next thing I'd like to hear is Apple no longer providing sales figures or guidance to Wall Street. 1smile.gif
post #14 of 56
Quote:
Originally Posted by SudoNym View Post
 

Anybody who would leave Apple voluntarily is a bum.  If he doesn't enjoy it, he should never have been there in the first place.

/s surely?

 

 

From all reports, working at Apple is really hard work, while people change and want to do new things.

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post #15 of 56
Quote:
Originally Posted by SudoNym View Post

Anybody who would leave Apple voluntarily is a bum.  If he doesn't enjoy it, he should never have been there in the first place.

You can enjoy it, but the high-growth tech industry has an overarching way of consuming alll your attention and time.

After a decade at the center of Apple Finance, I suspect Peter is suffering from burnout.

I speak from personal experience -- though, to a much lesser degree than that which Peter experienced.  When my late wife and I sold our interest in our Silicon Valley computer stores in 1989, after 11 years -- we played for 7 years and never touched a computer. It preserved our family, health and our sanity.
"...The calm is on the water and part of us would linger by the shore, For ships are safe in harbor, but that's not what ships are for."
- Michael Lille -
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"...The calm is on the water and part of us would linger by the shore, For ships are safe in harbor, but that's not what ships are for."
- Michael Lille -
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post #16 of 56

Good news. Goldman Sachs can't have a snitch at Apple.

 

Lol I don't know that new guy, but doesn't he look a bit like a vampire?

post #17 of 56
Quote:
Originally Posted by macxpress View Post

Somebody called this yesterday in the article about him joining the Goldman Sachs. Spot on!

Hopefully the person they're putting in place of Peter will do just as well, if not better. 

It was called out in financial news last week that we shouldn't be surprised if he retires in September. Not sure which news agency it was, but they obviously got a tip.
post #18 of 56
Quote:
Originally Posted by Phone-UI-Guy View Post


It was called out in financial news last week that we shouldn't be surprised if he retires in September. Not sure which news agency it was, but they obviously got a tip.

Forbes is where I saw it last week... http://www.forbes.com/sites/chuckjones/2014/02/27/dont-be-surprised-if-apples-cfo-announces-his-retirement-at-the-shareholder-meeting/. Recently the magazine has been gone above and beyond being negative towards Apple, I just figured the story was being added to the fire. Well, the magazine missed its announcement date, but it never the less was correct about the retirement happening.

post #19 of 56

Maestri helped Xerox change direction to a services company. Maybe he'll help Apple head into being a more service oriented company... hmmmm... that didn't sound quite how I intended... I mean, not that Apple will be a services company any time soon, just that services will take on a greater role.

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post #20 of 56

Dear Pete:

 

Please take Bill Campbell with you.

 

Signed,

 

All Quicken for Mac Users

   Apple develops an improved programming language.  Google copied Java.  Everything you need to know, right there.

 

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   Apple develops an improved programming language.  Google copied Java.  Everything you need to know, right there.

 

  MA497LL/A FB463LL/A MC572LL/A FC060LL/A MD481LL/A MD388LL/A ME344LL/A

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post #21 of 56
Quote:
Originally Posted by SudoNym View Post

Anybody who would leave Apple voluntarily is a bum.  If he doesn't enjoy it, he should never have been there in the first place.

That's just absurd.

Proud AAPL stock owner.

 

GOA

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Proud AAPL stock owner.

 

GOA

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post #22 of 56
Quote:
Originally Posted by SudoNym View Post
 

Anybody who would leave Apple voluntarily is a bum.  If he doesn't enjoy it, he should never have been there in the first place.

 

Life is about more than work.  Nobody on their deathbed ever wished they had spent more time at the office.

   Apple develops an improved programming language.  Google copied Java.  Everything you need to know, right there.

 

  MA497LL/A FB463LL/A MC572LL/A FC060LL/A MD481LL/A MD388LL/A ME344LL/A

Reply

   Apple develops an improved programming language.  Google copied Java.  Everything you need to know, right there.

 

  MA497LL/A FB463LL/A MC572LL/A FC060LL/A MD481LL/A MD388LL/A ME344LL/A

Reply
post #23 of 56
With all the $$ this guy has i would have retired a lo g time ago...
post #24 of 56
Quote:
Originally Posted by SudoNym View Post

Anybody who would leave Apple voluntarily is a bum.  If he doesn't enjoy it, he should never have been there in the first place.

This has to be sarcasm. No post can be this stupid.
post #25 of 56
Quote:
Originally Posted by SudoNym View Post
 

Anybody who would leave Apple voluntarily is a bum.  If he doesn't enjoy it, he should never have been there in the first place.

I left Apple voluntarily.  I didn't enjoy it.  I shouldn't have been there in the first place.

Not /s.

post #26 of 56
I always wonder if there are shill accounts who only comment on stories just to try to appear in the comments section.
post #27 of 56
Originally Posted by jungmark View Post
This has to be sarcasm. No post can be this stupid.

 

I wish there was a generic block for text and text-related stuff on our user pages. I’d throw all the great quotes there and just put a link to it in my signature rather than have to wrangle with a 200 character limit and 150 pixel height limit.

Originally posted by Marvin

Even if [the 5.5” iPhone exists], it doesn’t deserve to.
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Originally posted by Marvin

Even if [the 5.5” iPhone exists], it doesn’t deserve to.
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post #28 of 56
Quote:
Originally Posted by SudoNym View Post
 

Anybody who would leave Apple voluntarily is a bum.  If he doesn't enjoy it, he should never have been there in the first place.

 

 

Quote:
Originally Posted by lkrupp View Post
 

Rat abandoning a sinking ship¡¡

 

Get a life. 18 years at one company these days is a lifetime and as for a Apple sinking all I can say is they have one hell of a life raft that just seems to get better all the time.

post #29 of 56
Quote:
Originally Posted by SudoNym View Post

Anybody who would leave Apple voluntarily is a bum.  If he doesn't enjoy it, he should never have been there in the first place.

Idiotic comment. Did you expect him to stay until he dropped dead? Jesus...
post #30 of 56
Quote:
Originally Posted by Damn_Its_Hot View Post
 

 

 

 

Get a life. 18 years at one company these days is a lifetime and as for a Apple sinking all I can say is they have one hell of a life raft that just seems to get better all the time.

 

Calm down. Sometime ago users here decided to use the ¡ character as the sarcasm tag.

post #31 of 56

Good for the boy. With his money, why not set out to rediscover life. Looks like he enjoys more than 9-5, 7 days a week.

Who can say he remembers the mad climb of the decades that end in zeros, that all seem to run together, as well as we remember our singles and teen years?

When I find time to rewrite the laws of Physics, there'll Finally be some changes made round here!

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When I find time to rewrite the laws of Physics, there'll Finally be some changes made round here!

I am not crazy! Three out of five court appointed psychiatrists said so.

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post #32 of 56
Quote:
Originally Posted by SudoNym View Post
 

Anybody who would leave Apple voluntarily is a bum.  If he doesn't enjoy it, he should never have been there in the first place.

 

There must be a lot of bums because a lot of people have left Apple lately, probably more than we know. Not everyone stays in a company forever, even if its the magical and wonderful Apple, Inc. I'm sure its not always the greatest place in the world to work all the time. 

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post #33 of 56
Quote:
Originally Posted by JD MBA View Post


Idiotic comment. Did you expect him to stay until he dropped dead? Jesus...

 

 

 

 

Wow.  That was rich.  

 

Your = the possessive of you, as in, "Your name is Tom, right?" or "What is your name?"

 

You're = a contraction of YOU + ARE as in, "You are right" --> "You're right."

 

 

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Your = the possessive of you, as in, "Your name is Tom, right?" or "What is your name?"

 

You're = a contraction of YOU + ARE as in, "You are right" --> "You're right."

 

 

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post #34 of 56
Good luck to P Oppenheimer and props to Apple for having his successor in place.
post #35 of 56

sometimes new blood is good.

 

Oppenheimer has made his fortune no matter what the stock will do in the next 5 years.  But the next CFO will be highly motivated to move the stock up since his stock option plan is just beginning.

 

Hopefully he will increase the buyback and dividend and improve on the financial reporting for earnings calls.  My wish list would be:

 

1. increase buyback to $100B total

2. increase dividend by 15%

3. stop giving guidance (just another piece of information the Wall Street manipulators can manipulate)

4. stop giving unit sales every quarter.  Really the only focus should be EPS and EPS growth.

5. give unit sales periodically when it BENEFITS the company (same trick Samsung, Microsoft, and Google do)

post #36 of 56
Quote:
Originally Posted by AppleInsider View Post

"I love Apple and the people I have had the privilege to work with and after 18 years here, it is time for me to take time for myself and my family," Oppenheimer said in a statement. "For quite some time, I have wanted to live on the central coast of California and get more involved at Cal Poly, my alma mater; spend more time with my wife and sons; travel to interesting parts of the world; and something I have wanted to do for years-- finish the requirements for my pilot's license."

 

18 years is a long time at one company.  

During that time Apple went from the brink of ruin to the most powerful company on earth.  

Not to bad of a legacy.

 

Too many people work to long and hard, destroying their health and their family in the process.

Peter is retiring at around 52 years of age with a fortune of around $200 million.  Not too shabby!  

He has worked hard and will now get to enjoy the rewards while he still has his health and his family.

post #37 of 56
Quote:
Originally Posted by AppleInsider View Post

Outgoing Apple CFO Peter Oppenheimer said he plans to spend more time with his family, travel, and finish the requirements for a pilot's license."Peter is also a dear friend I always knew I could count on. Although I am sad to see him leave, I am happy he is taking time for himself and his family. As all of us who know him would have expected, he has created a professional succession plan to ensure Apple doesn't miss a beat."

:\

 

Peter described himself as a dear friend?  

 

Apple is well shot of this nutcase!

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post #38 of 56
Quote:
Originally Posted by island hermit View Post
 

Maestri helped Xerox change direction to a services company. Maybe he'll help Apple head into being a more service oriented company... hmmmm... that didn't sound quite how I intended... I mean, not that Apple will be a services company any time soon, just that services will take on a greater role.

That wouldn't be his call.  The CEO sets the direction for the company, the CFO figures out how to pay for it.

Tim Cook did a major reorg in 2012 in which he promoted Eddy Cue to SVP of Internet Software and Services.

 

The software and services area has grown to a 4+ Billion dollar a quarter business.

post #39 of 56
Quote:
Originally Posted by jungmark View Post

Quote:
Originally Posted by SudoNym View Post

Anybody who would leave Apple voluntarily is a bum.  If he doesn't enjoy it, he should never have been there in the first place.

This has to be sarcasm. No post can be this stupid.

It's a Windows and Android user (the combination is the worst kind). They appear to be parodying what they think the response of an Apple user would be, presumably to show up people who agree with his comments. I don't think it's having the intended effect though because instead of reinforcing their stereotype that Apple users make comments like this, it reinforces the stereotype that Windows and Android users prefer to make a nuisance of themselves. The comments aren't particularly harmful but it looks like the account has solely been setup for this purpose with a disposable email address.
post #40 of 56
Quote:
Originally Posted by SudoNym View Post
 

Anybody who would leave Apple voluntarily is a bum.  If he doesn't enjoy it, he should never have been there in the first place.


Really? smh

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