Apple CFO Peter Oppenheimer joins board of directors at Goldman Sachs

Posted:
in General Discussion edited March 2014
Banking firm Goldman Sachs announced on Monday that Peter Oppenheimer, who serves as chief financial officer of Apple, has joined its company's board of 13 directors effective immediately.

Oppenheimer


Oppenheimer will be a member of the Audit, Risk, Compensation and Corporate Governance, Nominating, and Public Responsibilities committees at Goldman Sachs. He will be one of 10 independent directors on the company's board.

"Peter's 25 years of broad experience across important industries will add a valuable perspective to our board of directors," said Lloyd C. Blankfein, chairman and CEO of Goldman Sachs. "We appreciate his willingness to serve as a director and look forward to benefitting from his judgment and counsel."

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.

Oppenheimer is a graduate of California Polytechnic and he has an MBA from the University of Santa Clara. He first joined Apple in 1996 when he served as senior director of Finance and controller for the Americas.

After serving as senior vice president and corporate controller from 2002 to 2004, Oppenheimer has spent the last decade as Apple's chief financial officer.
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Comments

  • Reply 1 of 31
    SpamSandwichSpamSandwich Posts: 33,407member
    Hmm...
  • Reply 2 of 31
    mdriftmeyermdriftmeyer Posts: 7,503member

    Peter's the one guy i'd send packing.

  • Reply 3 of 31
    bergermeisterbergermeister Posts: 6,784member

    The Goldman Sachs of such moral standing?

     

    http://www.rollingstone.com/politics/news/the-people-vs-goldman-sachs-20110511

     

    Didn't Tim just school some stockholder about doing the right thing the other day?

  • Reply 4 of 31
    tallest skiltallest skil Posts: 43,399member
    Originally Posted by mdriftmeyer View Post

    Peter's the one guy i'd send packing.

     

    I am become debt, destroyer of companies.

  • Reply 5 of 31
    sudonymsudonym Posts: 233member

    It is good for Apple to have interlocking directorates with other big, powerful corporations.  The multinationals all make more money when they work together closely, and having corporate officers and directors across industries helps out a lot.

  • Reply 6 of 31
    rogifanrogifan Posts: 10,669member
    Peter's the one guy i'd send packing.
    I wouldn't be surprised if he retires this year.
  • Reply 7 of 31
    wigbywigby Posts: 692member
    Isn't this a basic conflict of interest? Goldman Sachs raises and lowers their guidance for Apple's stock value all of the time based on many viewpoints and outside market considerations but never directly from an Apple employee on the inside.

    Can someone explain to me why the SEC wouldn't be all over this?
  • Reply 8 of 31
    rickagrickag Posts: 1,626member
    Quote:

    Originally Posted by wigby View Post



    Isn't this a basic conflict of interest? Goldman Sachs raises and lowers their guidance for Apple's stock value all of the time based on many viewpoints and outside market considerations but never directly from an Apple employee on the inside.



    Can someone explain to me why the SEC wouldn't be all over this?

    Because it has absolutely nothing to do with Football.

     

    oh, wait, wrong forum.

     

    On second thought, the SEC investigations are about as thorough as the SEC investigations.

  • Reply 9 of 31
    froodfrood Posts: 771member
    Quote:

    Originally Posted by wigby View Post



    Isn't this a basic conflict of interest? Goldman Sachs raises and lowers their guidance for Apple's stock value all of the time based on many viewpoints and outside market considerations but never directly from an Apple employee on the inside.



    Can someone explain to me why the SEC wouldn't be all over this?

     

    It's a pretty opportunistic system.   CEO's of companies often hop on boards of companies and can swing influence toward their products.  The only thing stopping them from abusing the system is their impeccable ethics.  But that is the system, and the people with the best experience to run Goldman Sachs or other financial firms are on other large corporations boards.  Obviously telling Goldman to buy or sell Apple based on his inside information would be wrong.

     

    While it is wide open to potential sleaze, it is also the norm.  Should he be treated special because he's "Apple" when other board members are also currently board members of companies like Pepsi, Target, Walmart, Cisco, EADS, Exxon Mobil etc?

  • Reply 10 of 31
    wigbywigby Posts: 692member
    Quote:

    Originally Posted by Frood View Post

     

    While it is wide open to potential sleaze, it is also the norm.  Should he be treated special because he's "Apple" when other board members are also currently board members of companies like Pepsi, Target, Walmart, Cisco, EADS, Exxon Mobil etc?


    I think he will be treated special (but not in the good way) because he is the CFO of the largest company in the world. I think it's better to stay out of such entanglements. 

  • Reply 11 of 31
    carthusiacarthusia Posts: 583member
    Quote:

    Originally Posted by mdriftmeyer View Post

     

    Peter's the one guy i'd send packing.


    Pray tell...why is that? From my view, he's been an excellent steward of Apple's assets.

  • Reply 12 of 31
    carthusiacarthusia Posts: 583member
    Quote:

    Originally Posted by Bergermeister View Post

     

    The Goldman Sachs of such moral standing?

     

    http://www.rollingstone.com/politics/news/the-people-vs-goldman-sachs-20110511

     

    Didn't Tim just school some stockholder about doing the right thing the other day?


    Perhaps Peter can try to steer Goldman in a better direction.

  • Reply 13 of 31
    Quote:
    Originally Posted by Carthusia View Post

    Pray tell...why is that? From my view, he's been an excellent steward of Apple's assets.

     

    That's the same thing I'm wondering. Why do we not like Oppenheimer?
  • Reply 14 of 31
    Quote:
    Originally Posted by sog35 View Post

     

    I don't like his conference calls when he fails to explain things clearly.  Two conference calls ago he failed to mention the new accruals that drove down gross margin.  It was only mentioned once an analysis asked about it.

     

    Second I don't like the warranty accrual, software accrual that is hurting gross margin and net income.  IMO they are being way to conservative and are deferring way too much revenue.

     

    That would lower the amount they have to pay in taxes though, right? I don't know if you want to continually kick that can down the road, but if it's saving them some money then I can see it.
  • Reply 15 of 31
    Banking firm Goldman Sachs announced on Monday that Peter Oppenheimer, who serves as chief financial officer of Apple, has joined its company's board of 13 directors effective immediately.

    <div align="center"><img src="http://photos.appleinsidercdn.com/oppenheimer-140303.jpg" border="0" width="660" height="396" alt="Oppenheimer" /></div>

    Oppenheimer will be a member of the Audit, Risk, Compensation and Corporate Governance, Nominating, and Public Responsibilities committees at Goldman Sachs. He will be one of 10 independent directors on the company's board.

    "Peter's 25 years of broad experience across important industries will add a valuable perspective to our board of directors," said Lloyd C. Blankfein, chairman and CEO of Goldman Sachs. "We appreciate his willingness to serve as a director and look forward to benefitting from his judgment and counsel."

    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.

    Oppenheimer is a graduate of California Polytechnic and he has an MBA from the University of Santa Clara. He first joined Apple in 1996 when he served as senior director of Finance and controller for the Americas.

    After serving as senior vice president and corporate controller from 2002 to 2004, Oppenheimer has spent the last decade as Apple's chief financial officer.
  • Reply 16 of 31
    Banking firm Goldman Sachs announced on Monday that Peter Oppenheimer, who serves as chief financial officer of Apple, has joined its company's board of 13 directors effective immediately.

    <div align="center"><img src="http://photos.appleinsidercdn.com/oppenheimer-140303.jpg" border="0" width="660" height="396" alt="Oppenheimer" /></div>

    Oppenheimer will be a member of the Audit, Risk, Compensation and Corporate Governance, Nominating, and Public Responsibilities committees at Goldman Sachs. He will be one of 10 independent directors on the company's board.

    "Peter's 25 years of broad experience across important industries will add a valuable perspective to our board of directors," said Lloyd C. Blankfein, chairman and CEO of Goldman Sachs. "We appreciate his willingness to serve as a director and look forward to benefitting from his judgment and counsel."

    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.

    Oppenheimer is a graduate of California Polytechnic and he has an MBA from the University of Santa Clara. He first joined Apple in 1996 when he served as senior director of Finance and controller for the Americas.

    After serving as senior vice president and corporate controller from 2002 to 2004, Oppenheimer has spent the last decade as Apple's chief financial officer.
  • Reply 17 of 31
    clemynxclemynx Posts: 1,536member

    I'd fire him for that.

    There are few worse companies than Sachs in the whole world.

     

    They helped Greece hide their economic problems and made 300 million dollars out of it, while the population in Greece now suffers a lot for that. They are criminals.

  • Reply 18 of 31

    This comment has nothing connected to Mr. Oppenheimer's new additional posting to the BOD of Goldmans, rather it is a comment and reflection in general to those who serve in BODs especially when these members hold other significant corporate roles! How can anyone serve two masters equally? One cannot. Any corporate 500 job is more than enough responsibility and work effort to keep anyone fully occupied 40+ hours a week, so another equally important job becomes physically impossible or else these BOD positions are mere veneer positions that have little related to overseeing a company. This is a sobering conclusion and it alludes to the state of affairs so prevalent in corporate America.
  • Reply 19 of 31
    quinneyquinney Posts: 2,528member
    carthusia wrote: »
     
    The Goldman Sachs of such moral standing?

    http://www.rollingstone.com/politics/news/the-people-vs-goldman-sachs-20110511

    Didn't Tim just school some stockholder about doing the right thing the other day?
    Perhaps Peter can try to steer Goldman in a better direction.

    Clearly that is the perception GoldmanSachs would like people to have, but I think the vampire squid is thoroughly and fundamentally corrupt. This association will only
    diminish Oppenheimer's reputation and make Apple's altruistic gestures look hypocritical.
  • Reply 20 of 31
    chadmaticchadmatic Posts: 285member

    Welcome to the club Peter. 

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