Apple Announces September Retirement of CFO Peter Oppenheimer

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Apr 12, 2001
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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.
"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
 

Kariya

macrumors 68000
Nov 3, 2010
1,820
10
Don't think money is really the issue for any Exec that leaves Apple. They have a boatload already.
 

jayducharme

macrumors 68040
Jun 22, 2006
3,679
3,465
The thick of it
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.
 

edtechguru

macrumors newbie
Oct 28, 2013
5
0
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.
 

apple_iBoy

macrumors 6502a
Oct 28, 2003
693
422
Philadelphia, PA
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.
 

tbrand7

macrumors 6502
Feb 8, 2013
265
0
New York
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 :)
 

TC03

macrumors 65816
Aug 17, 2008
1,272
356
Why does this article mention 'retirement'? He's not retiring, he's leaving for Goldman Sachs, right?
 

Kariya

macrumors 68000
Nov 3, 2010
1,820
10
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.
 

businezguy

macrumors 6502
Jun 23, 2003
389
455
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.
 

Solomani

macrumors 68040
Sep 25, 2012
3,958
7,786
Alberto, Canado
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.
 

joelisfar

macrumors member
Jun 29, 2012
95
47
So now everybody will be all “this wouldn't have happened if Peter were still here”.
 

Caliban2u

macrumors newbie
Dec 30, 2010
8
0
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.
 

MBP123

macrumors regular
May 26, 2006
192
0
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.
 

thekeyring

macrumors 68040
Jan 5, 2012
3,441
2,075
London
From now on, whenever there's any bad financial news for Apple, are we allowed to comment 'Peter would never have allowed this!' ?
 

apple_iBoy

macrumors 6502a
Oct 28, 2003
693
422
Philadelphia, PA

2457282

Suspended
Dec 6, 2012
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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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