These guys would work around the clock and sacrifice so much family time to devote to the company. I'm happy for the guy to get out now and live a little!
Got a tip for us?
Let us know
Become a MacRumors Supporter for $50/year with no ads, ability to filter front page stories, and private forums.
Apple Announces September Retirement of CFO Peter Oppenheimer
- Thread starter MacRumors
- Start date
- Sort by reaction score
what people generally don't seem to grasp is that people in position or seniority at this sort of level, do the job for the love of it and because they excel at it - as proven by the positions they hold on various boards etc...
normally, at the start it is for the money but as people develop and gain national/worldwide acclaim in their field it moves to a way of life
once at that point where they look at retirement, the prospect to then sit back and not have anything to occupy the mind is very unhealthy and often people degrade extremely quickly in this sort of setting (seen often across the globe and witnessed personally by me with a close family member) and taking board membership is often a way to keep a hand in, keep a mental occupancy and also maintain a wealth of connections
personally I am on the board of 2 medium health organisations in England, one unpaid, one paid ... both done for the passion and love of it, not the financial motivation
normally, at the start it is for the money but as people develop and gain national/worldwide acclaim in their field it moves to a way of life
once at that point where they look at retirement, the prospect to then sit back and not have anything to occupy the mind is very unhealthy and often people degrade extremely quickly in this sort of setting (seen often across the globe and witnessed personally by me with a close family member) and taking board membership is often a way to keep a hand in, keep a mental occupancy and also maintain a wealth of connections
personally I am on the board of 2 medium health organisations in England, one unpaid, one paid ... both done for the passion and love of it, not the financial motivation
From a Forbes article:
While Oppenheimer probably doesn’t need any more Apple stock to vest his September 2010 award for 100,000 shares fully vests in September while his November 2011 award for 75,000 shares fully vests in March 2016.
Nice to help out in the transition - I'm sure this is just a coincidence.
While Oppenheimer probably doesn’t need any more Apple stock to vest his September 2010 award for 100,000 shares fully vests in September while his November 2011 award for 75,000 shares fully vests in March 2016.
Nice to help out in the transition - I'm sure this is just a coincidence.
Board members don't get paid all that much. People join mostly for the connections. The timing is a bit odd, though. He is going to be an outside director, meaning he won't be a Goldman executive. Maybe he's going to do something philanthropic or venture capital-based. In any case, he might have told Cook a year ago he wanted to leave which is why they hired the new controller who will be replacing him as CFO.
He is joining goldmans board. He will be doing considerably less work. He probably just wanted to retire from working everyday in a high stress job. Good luck to him. He served Apple well.
What's interesting is that the new Apple CFO might have a different opinion about how to manage Apple's huge cash hoard. Maybe later this year we'll read about a larger dividend or another buyback, etc. Technically it's still Cook's call but surely the new CFO will have his ear. That's why this is news. Not the Goldman part of the story.
Will he get a gold iWatch on his retirement?
Enjoy your post-Apple time Peter, you've earned it.
Enjoy your post-Apple time Peter, you've earned it.
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.
He's on the board of directors. That is not a full time job. Even so, board of directors usually don't get paid. If he is getting paid, it won't even be close to a fraction of what he was making at Apple. Besides, as I said, being on the board of directors is not a full time job. Tim Cook is on the board of directors at Nike, yet he still finds time to run Apple
No. Directors of large, profitable, publicly held corporations generally get paid well. At GS, it's @$500K per year--paid in GS stock. Not too bad for a dozen meetings a year.
What makes for a good company are great products and good profits. What makes for a great company is added social responsibility. I would like to think this is the way that 
is headed.
is headed.
If I was a financial officer in Apple, I'd leave as well after Cook announced he's a crazy fool that won't disclose spending to investors. There is no mistake why this man is leaving a couple days after Cook's bizarre flip out; there are no coincidences.
For all of those thinking that he is leaving Apple to take another job at Goldman, that's not what's happening here.
Boards of directors are quite often made up of executives from other companies, former political figures and former high level-government leaders (Think cabinet members).
They meet several times a year to offer their views and broadly discuss general strategic policy and planning for the enterprise or non-profit on whose board they serve. People often use the compensation for serving on a board (typically $200K to $400K annually) as a sort of pension. Although in Oppenheimer's case I doubt seriously he needs it. The timing of these two announcements sort of makes sense. Peter Oppenheimer, CFO of Apple, one of the most financially successful companies on the planet dresses up the board of Goldman. A couple of days later he announces his retirement. His name had more panache before then.
Step back and think of this. As an earlier poster mentioned, a lot of people at this level do what they do for their own egos and legacy. I'm sure Oppenheimer probably looked at Goldman's issues over the years, and said to himself, "I'd bet I could make a difference if I were on their board."
Boards of directors are quite often made up of executives from other companies, former political figures and former high level-government leaders (Think cabinet members).
They meet several times a year to offer their views and broadly discuss general strategic policy and planning for the enterprise or non-profit on whose board they serve. People often use the compensation for serving on a board (typically $200K to $400K annually) as a sort of pension. Although in Oppenheimer's case I doubt seriously he needs it. The timing of these two announcements sort of makes sense. Peter Oppenheimer, CFO of Apple, one of the most financially successful companies on the planet dresses up the board of Goldman. A couple of days later he announces his retirement. His name had more panache before then.
Step back and think of this. As an earlier poster mentioned, a lot of people at this level do what they do for their own egos and legacy. I'm sure Oppenheimer probably looked at Goldman's issues over the years, and said to himself, "I'd bet I could make a difference if I were on their board."
Being on a board of directors is not a full-time job. In fact it's barely even a part-time job.
It means spending more time cruising around on a yacht or something.
Correct, most board members do not count membership as a full time employment. Tim cook works for apple and is a board member at Nike. He doesnt work for nike
. Its also not uncommon for board members to serve on the boards of multiple multi-national corporations..http://www.gene.com/about-us/leadership/board-of-directors/art-levinson
Now if they would just show Bill Campbell the door.
I realize he was a long time Friend-of-Steve, but the Mac versions of his company's product lines are an total embarrassment, and have been for years now.
I realize he was a long time Friend-of-Steve, but the Mac versions of his company's product lines are an total embarrassment, and have been for years now.
Now I'd love it if Apple would announce they're no longer providing guidance to Wall Street and no longer releasing shipment figures. Google doesn't provide guidance. Hardly any of Apple's competitors consistently provide sales figures. If the SEC doesn't require guidance, doesn't require Apple to disclose how many iPhones they shipped in a quarter then Apple should stop providing it. This is one area where I think they should follow their competitors.
Wow. What is up with the sour comments here? I don't know a thing about the guy. Why is he being compared to a vampire squid and the like?
