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Old Mar 4, 2014, 07:49 AM   #1
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Apple Announces September Retirement of CFO Peter Oppenheimer




Apple today announced the retirement of Chief Financial Officer Peter Oppenheimer. Oppenheimer will leave Apple in September of this year and will be succeeded by Luca Maestri, Apple's vice president of Finance and corporate controller. This change in executive leadership comes one day after Goldman Sachs announced that Oppenheimer would be joining the banking firm's board of directors.
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"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. 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," said Tim Cook, Apple CEO. "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 joined Apple in 1996 as the Senior Director of Finance and Controller and was promoted several times before being appointed Chief Financial Officer in 2004. During his 18 years with Apple, Oppenheimer helped the company build a strong balance sheet, while expanding its data and corporate facilities in the US and acquiring key technology to drive innovation.

Luca Maestri joined Apple in March 2013, after serving as the Chief Financial Officer at both Nokia Siemens Networks and Xerox. His 25-year career has spanned the globe with various leadership roles within General Motors bringing him to Asia Pacific, South America and Europe.


Article Link: Apple Announces September Retirement of CFO Peter Oppenheimer
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Old Mar 4, 2014, 07:52 AM   #2
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I would love to know how much Goldman Sachs is paying him to leave.
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Old Mar 4, 2014, 07:53 AM   #3
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Don't think money is really the issue for any Exec that leaves Apple. They have a boatload already.
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Old Mar 4, 2014, 07:55 AM   #4
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Originally Posted by luckydcxx View Post
I would love to know how much Goldman Sachs is paying him to leave.
Not really anyone's business, is it.
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Old Mar 4, 2014, 07:56 AM   #5
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Old Mar 4, 2014, 07:56 AM   #6
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I am glad he is. Goldman Sucks is not compatible with Apple.
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Old Mar 4, 2014, 07:57 AM   #7
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Originally Posted by Kariya View Post
DOnt think money is really the issue for any Exec that leaves Apple. They have a boatload already.
It's always about the money, I don't think he is trying to make a name for himself.

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Originally Posted by Steve121178 View Post
Not really anyone's business, is it.
It might not be my business but I would still love to know.
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Old Mar 4, 2014, 07:58 AM   #8
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I am happy he is taking time for himself and his family
Did he elope with GS already?

Regardless of his future endeavors, Oppenheimer might be a tough act to follow at Apple. He seems to have managed that company quite well.
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Old Mar 4, 2014, 07:58 AM   #9
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Originally Posted by luckydcxx View Post
I would love to know how much Goldman Sachs is paying him to leave.
Maybe he got bored, wanted a new challenge - after all he has been at Apple for 18 years which is longer than most executives hang around for.
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Old Mar 4, 2014, 07:58 AM   #10
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What a ride

Think about this guys experience at apple. When he took the job with Apple in 96 he came into a sinking company. Friends and colleagues probably thought he was nuts. Now he leaves when Apple is at the top of world finance. Pretty amazing really.
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Old Mar 4, 2014, 07:59 AM   #11
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I would love to know how much Goldman Sachs is paying him to leave.
It's a perspective I think I'll never have. So when he dies, maybe there will be another zero at the end of his bank account balance?

Maybe I'm just lazy, but if I ever managed to save a small fraction of what these high level execs pull in, I would retire. I mean RETIRE retire, not retire and go on to some other position elsewhere.

Think of it. All the resources you'd need to have a lovely home(s), travel wherever you wanted, and be generous to your loved ones and any charitable causes that struck your fancy.

Unless being a comptroller THRILLED me to death, I would be out and done years ago to enjoy the years I have on earth and explore every nook of the planet.
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Old Mar 4, 2014, 07:59 AM   #12
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I would love to know how much Goldman Sachs is paying him to leave.
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
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Old Mar 4, 2014, 07:59 AM   #13
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Why does this article mention 'retirement'? He's not retiring, he's leaving for Goldman Sachs, right?
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Old Mar 4, 2014, 08:01 AM   #14
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Originally Posted by luckydcxx View Post
It's always about the money, I don't think he is trying to make a name for himself.
I think you're projecting you're own cynicism. The guy is already a multi-millionaire, 51yrs old, and been at Apple for 18yrs. Its not like he's going to be a full time salary/stocks worker at Goldman. He's just joining the board.
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Old Mar 4, 2014, 08:03 AM   #15
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Originally Posted by apple_iBoy View Post
It's a perspective I think I'll never have. So when he dies, maybe there will be another zero at the end of his bank account balance?

Maybe I'm just lazy, but if I ever managed to save a small fraction of what these high level execs pull in, I would retire. I mean RETIRE retire, not retire and go on to some other position elsewhere.

Think of it. All the resources you'd need to have a lovely home(s), travel wherever you wanted, and be generous to your loved ones and any charitable causes that struck your fancy.

Unless being a comptroller THRILLED me to death, I would be out and done years ago to enjoy the years I have on earth and explore every nook of the planet.
I completely agree with what your saying. I really don't understand the mentality of socking money away in a bank. Once you get over a certain amount, you don't see a real improvement in your life. Some of these folks seem to be insecure and use their money as a status symbol. Life's too short for that.
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Old Mar 4, 2014, 08:03 AM   #16
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He's just an experienced financial officer.

He's just a glorified bank accountant that went to a nice Business School, had good connections, received decent experience, and landed a job at Apple.

He can be replaced with another glorified bean counter. Glad tidings to him.
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Old Mar 4, 2014, 08:03 AM   #17
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So now everybody will be all “this wouldn't have happened if Peter were still here”.
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Old Mar 4, 2014, 08:04 AM   #18
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board IS retirement income

Being on a board can pay nothing or it can pay millions, depends on the board. Lot's of execs cushion their retirement with board income. Timewise, it's showing up a few times a year for a meeting. If it's a publicly held company their financials reveal how much thy pay the board, I believe.
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Old Mar 4, 2014, 08:04 AM   #19
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Sitting on the board of directors is very different from being an executive. Tim Cook sits on the board of Nike and Eddy Cue on Ferrari. Still pretty sure they're focused mostly on Apple.

So Oppenheimer is probably winding down his time commitment by leaving Apple, but still staying involved by joining the Board at GS.
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Old Mar 4, 2014, 08:05 AM   #20
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Can't wait for that current idiot to retire.
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Old Mar 4, 2014, 08:05 AM   #21
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Not really anyone's business, is it.
Actually, I think it's everyone's business. They are responsible for many investor's money.
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Old Mar 4, 2014, 08:06 AM   #22
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From now on, whenever there's any bad financial news for Apple, are we allowed to comment 'Peter would never have allowed this!' ?
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Old Mar 4, 2014, 08:07 AM   #23
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Quote:
Originally Posted by luckydcxx View Post
It's always about the money, I don't think he is trying to make a name for himself.

----------



It might not be my business but I would still love to know.
It's probably about $500,000 per year, with a meeting on average about once a month.

Source: NYTimes article on Goldman Sachs board compensation. http://mobile.nytimes.com/blogs/deal...t-a-pay-raise/
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Old Mar 4, 2014, 08:07 AM   #24
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He's leaving to spend more time with his family.

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Old Mar 4, 2014, 08:08 AM   #25
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Don't know much about Lucas. Hope this move works out. I think the biggest challenge facing Apple from a CFO perspective is how to bring the hordes of cash back to the US so that they can effectively invest it. Maybe they will develop a strategy to invest oversees if they can repatriate the money (thank you congress).

Anyway, it was bound to happen, but slowly we continue to see the changing of the guard at Apple. So far, it has been well managed and Apple continues to move forward without too many bumps.

All we can say is good luck and farewell.
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