Oppenheimer to Retire

Sarang Ahuja’s latest post:

In a recent article by Rebecca A Ruiz for The New York Times, it was announced that Peter Oppenheimer, employed by Apple for nearly two decades and serving as their Chief Financial Officer for the last ten years, will be retiring in September.  His reign as CFO has been particularly noteworthy, as the last decade has been a big one for Apple.

sarangahuja_oppenheimer

Oppenheimer started with the company in 1996 as financial controller for both North and South America.  However, in the last decade, he has monitored all finances for the company, during a definitively developmental period that entailed quite a bit of growth.  During Oppenheimer’s reign, Apple’s revenue has increased more than 2000 percent.  In addition to this maintenance, he has revolutionized the company’s global game plan, strategically integrating international subsidiaries that allowed Apple to legally avoid billions of dollars in United States taxes.  For his efforts, in the fiscal year of 2012, he was rewarded with a 68.6 million dollar compensation package, simultaneously earning more than any other CFO in the industry and his own boss, Timothy Cook—Apple’s Chief Executive.

The article denotes that Oppenheimer is retiring primarily to enjoy time with his family.  However, he continues to pursue new projects, as he was recently placed on the board of Goldman Sachs.

His successor, Luca Maestri, will assume the position of Chief Financial Officer in the summer.  He approaches the job with roots in international management; he worked with General Motors for twenty years, where he installed operations for production in Asia and South America.  His final position at GM was CFO of all European business, placing him as the authority in finances for the auto company in forty-five countries.  Maestri has been CEO Timothy Cook’s pick to succeed Oppenheimer since he joined Apple last spring.

from Sarang Ahuja http://ift.tt/1ggruG8

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