Apple Announces September Retirement of CFO Peter Oppenheimer

Discussion in ' News Discussion' started by MacRumors, Mar 4, 2014.

  1. macrumors bot


    Apr 12, 2001

    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.
    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
  2. macrumors 65816


    Jun 13, 2013
    I would love to know how much Goldman Sachs is paying him to leave.
  3. macrumors 68000


    Nov 3, 2010
    Don't think money is really the issue for any Exec that leaves Apple. They have a boatload already.
  4. macrumors 68030


    Apr 13, 2010
    Bedfordshire, UK
    Not really anyone's business, is it.
  5. macrumors member

    Feb 11, 2014
  6. macrumors 6502

    Jun 18, 2007
    I am glad he is. Goldman Sucks is not compatible with Apple.
  7. macrumors 65816


    Jun 13, 2013
    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.
  8. macrumors 68020


    Jun 22, 2006
    The thick of it
    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.
  9. macrumors regular

    Jan 26, 2014
    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.
  10. macrumors newbie

    Oct 28, 2013
    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.
  11. macrumors 6502a

    Oct 28, 2003
    Philadelphia, PA
    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.
  12. macrumors 6502


    Feb 8, 2013
    New York
    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 :)
  13. macrumors 65816

    Aug 17, 2008
    Why does this article mention 'retirement'? He's not retiring, he's leaving for Goldman Sachs, right?
  14. macrumors 68000


    Nov 3, 2010
    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.
  15. macrumors 6502

    Jun 23, 2003
    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.
  16. macrumors 68020


    Sep 25, 2012
    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.
  17. macrumors member

    Jun 29, 2012
    So now everybody will be all “this wouldn't have happened if Peter were still here”.
  18. macrumors newbie

    Dec 30, 2010
    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.
  19. macrumors regular

    May 26, 2006
    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.
  20. macrumors 68030


    May 28, 2011
    Suffolk, Virginia
  21. macrumors regular

    Dec 13, 2009
    Scranton, PA
    Actually, I think it's everyone's business. They are responsible for many investor's money.
  22. macrumors 68020

    Jan 5, 2012
    From now on, whenever there's any bad financial news for Apple, are we allowed to comment 'Peter would never have allowed this!' ?
  23. macrumors 6502a

    Oct 28, 2003
    Philadelphia, PA
  24. macrumors 68000


    Aug 14, 2007
    He's leaving to spend more time with his family.

  25. macrumors 68020

    Cuban Missles

    Dec 6, 2012
    My heart is in Camagüey, the rest in the USA
    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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