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New Apple CFO Luca Maestri appears on official executive page

06/03, 9:57am

Won't fully replace Oppenheimer until September

Apple has added Luca Maestri, its new chief financial officer, to the executive listings on its website. "As CFO, Luca oversees the accounting, business support, financial planning and analysis, treasury, M&A, investor relations, internal audit and tax functions at Apple. Luca joined Apple in 2013 as vice president of Finance and corporate controller, and has worked closely with Apple's senior leadership since his arrival," his bio reads.


Apple CFO Peter Oppenheimer to retire in September

03/04, 9:59am

News comes one day after appointment to Goldman Sachs board

In a surprise announcement, Apple has announced that its chief financial officer, Peter Oppenheimer, will retire at the end of September. His replacement will be Luca Maestri, currently the company's VP of Finance and its corporate controller, who handled portions of the previous quarterly results presentation. A transition period is set to begin in June.


Apple CFO Peter Oppenheimer takes seat on Goldman Sachs board

03/03, 11:14am

Joins controversial financial firm

Apple's chief financial officer, Peter Oppenheimer, has joined the board of directors for financial firm Goldman Sachs, according to the latter's website. The appointment won't affect Oppenheimer's status at Apple, but is somewhat unusual in that the position isn't related to product interests. CEO Tim Cook, for example, is the on the Nike board; Internet head Eddy Cue is on the board of Ferrari, which was recently announced as a CarPlay partner.


Apple CFO Oppenheimer reveals 3D model of new Apple HQ

10/11, 9:31pm

'A place for the most creative teams ... to innovate for decades to come'

Apple's Chief Financial Officer Peter Oppenheimer may have at first seemed to be an unusual choice for hosting a sneak-peek at a very large 3D architectural model of Apple's forthcoming Campus 2, known already as "the Spaceship" three years before it is even planned to open -- but like his colleagues, Oppenheimer has a gift for selling dreams. Along with Senior Director of Real Estate and Facilities Dan Whisenhunt, the CFO gave reporters a tour of the model ahead of a Cupertino City Council vote.


Icahn admits meeting with Tim Cook got 'a little testy'

10/01, 4:59pm

Pair were joined by CFO Peter Oppenheimer

Yesterday's meeting with Apple CEO Tim Cook was actually "a little testy," says investor Carl Icahn in a new CNBC interview. In a Twitter post today, Icahn had claimed that the meeting was "cordial." The pair are now said to have been joined by Apple CFO Peter Oppenheimer, and disputed whether or not shareholders should get involved in how Apple executives spend cash.


CFO Peter Oppenheimer sells off $16.4M in Apple stock

07/26, 4:24pm

Sale follows post-earnings stock jump

Apple CFO Peter Oppenheimer sold 37,172 shares of Apple stock on Wednesday, a new Securities and Exchange Commission filing shows. At an average share price of $440.31, the trade was worth approximately $16.4 million. The shares involved date back to November 2011, when Oppenheimer was granted them as part of a bonus. The sale followed a day after Apple's Q3 results; during that timespan, the company's stock shot up $20 in value.


Apple shares executives' opening statements from US Senate testimony

05/21, 6:12pm

Documents Apple's defense against accusations of tax dodging

Apple has posted the opening statements two of its executives -- CEO Tim Cook (PDF) -- and CFO Peter Oppenheimer (PDF) -- made during their testimony in front of the US Senate earlier today. The documents don't reveal anything new, but do constitute a record of Apple's stance during the Senate hearing. "We pay all of the taxes we owe -- every single dollar. We not only comply with the laws, but we comply with the spirit of the laws," Cook's statement reads.


Senators Levin, McCain accuse Apple of exploiting offshore tax havens

05/20, 7:11pm

Apple to be used as example of corporate tax avoidance in US

In the wake of Apple's published testimony, US Senators Carl Levin (D-MI) and John McCain (R-AZ) have released their own joint statement on the work of the Senate Permanent Subcommittee on Investigations. "Apple Inc. has used a complex web of offshore entities -- including three foreign subsidiaries the company claims are not tax resident in any nation -- to avoid paying billions of dollars in U.S. income taxes," Levin's office writes.


Apple's Peter Oppenheimer ranks as highest-paid CFO for 2012

05/08, 10:49am

Company shells out to retain key executives

Apple's Peter Oppenheimer was the highest-paid chief financial officer during 2012, according to Bloomberg. The executive received compensation worth a theoretical $68.6 million, roughly 16 times what Apple CEO Tim Cook received for the year. By comparison, Oppenheimer's closest competition -- Oracle CFO Safra Catz -- was given $51.7 million, while Google CFO Patrick Pichette was granted $38.7 million.


Four Apple execs amongst top 5 'most richly compensated'

04/15, 11:44am

CEO Tim Cook notably missing

Four out of the top five highest-paid executives among Standard & Poor 500 companies belonged to Apple during 2012, according to the Securities and Exchange Commission filings seen by Bloomberg. The people included senior VP of Technologies Bob Mansfield, CFO Peter Oppenheimer, senior VP of Operations Jeff Williams, and general counsel Bruce Sewell. About 80 percent of S&P 500 companies had submitted 2012 data as of April 12. The figures for the Apple execs are based on the total current worth of their possible stock and pay packages, rather than their actual 2012 salaries and bonuses.


Cook: don't put a lot of stock in AAPL rumors

01/23, 9:41pm

Suggests that analysts don't have full picture, rely on bad info

Both CEO Tim Cook and CFO Peter Oppenheimer took time in today's conference call with analysts to specifically (or by inference) debunk a number of recent rumours about the company, and to suggest to analysts that they rely too heavily on bad information -- and that even when they do get a bit of gossip that turns out to be true, they are unable to see the information in the broader context, which may change its interpretation. It was a rare direct assault on the market-manipulation and other forces that have plagued the company and its stock.


Cook pulls in $4.17 million in 2012 salary

12/27, 11:14am

Lack of stock options cuts income 99 percent verus 2011

Apple CEO Tim Cook will take in $4.17 million in pay by the end of 2012, according to filings seen by Bloomberg. That breaks down into a $1.36 million salary, and another $2.8 million in incentives. Notably, Cook's compensation is well below the $378 million he was technically awarded in 2011; $376.2 million of that, though, was from a one-time stock grant, for which he won't see the full benefit unless he stays as CEO for a decade.


Apple Stores still in turmoil, sources claim

08/28, 1:04am

Apple allegedly pushing profit at expense of workers, maintenance

The labor situation in Apple Stores is still in a rough state, despite promises by the company, according to sources for ifoAppleStore. For example, contrary to statements by Apple retail head John Browett, workers were recently laid off or fired, but later just rehired -- and while interstore transfers are now going through, demotions aren't being reversed, overtime is still limited, and managers are assigning minimum hours to part-timers. Apple is thought to be trying several methods of maximizing retail profits, including changing how worker performance is rated.


Eddy Cue mum on Apple TV prospects, hints at slow approach

08/24, 11:19am

Company could still be having trouble with content deals

Plans for an Apple TV set (or a more advanced set-top) may still be some time in coming, suggests Pacific Crest's Andy Hargreaves. On Wednesday the analyst met with Apple's CFO, Peter Oppenheimer, and its senior VP for Internet software and services, Eddy Cue. Hargreaves pressed the idea of a "more significant move into TV distribution," according to a new memo. In response, Cue repeated a frequent company position that Apple will only enter markets where it thinks it can create good customer experiences and solve major obstacles.


CFO Oppenheimer sees no limit to Apple sales in China

08/17, 3:32pm

Company 'very excited' about Chinese retail expansion

Apple CFO Peter Oppenheimer on Thursday told analysts that the company sees no ceiling on growth in China, according to ISI Group analyst Brian Marshall, who participated in a conference call. Oppenheimer also remarked that he was "very excited" about the possibilities of Apple Store expansion in China, noting that Apple will be adding more outlets in Beijing, Shanghai, and several cities in which the company has yet to establish a foothold. With the exception of a shop in Hong Kong, all of Apple's current stores are split between Beijing and Shanghai.


Apple blames lackluster sales on iPhone rumors

07/24, 7:12pm

Customers waiting for next device

Apple executives have admitted that persistent rumors surrounding its upcoming devices, such as the sixth-generation iPhone, have had a negative impact on sales. After several years of stellar performance and beating Wall Street forecasts, the company failed to meet analyst expectations for its latest fiscal quarter. When pressed by analysts, chief financial officer Peter Oppenheimer cited the strong US dollar, economic conditions and ongoing rumors as its biggest challenges.


Three Apple executives reap $150M after stock sell-off

03/28, 12:00pm

Mansfield, Forstall hold on to investments

Three key Apple executives have made about $150 million after selling newly-vested restricted stock, SEC filings show. CEO Tim Cook, CFO Peter Oppenheimer, and senior worldwide marketing VP Phil Schiller were among several executives granted shares in September 2008 in order to buy their loyalty through 2012. Although the shares were valued at just $105.26 each at the time, the grants were in total worth roughly $122 million.


Analyst: Apple likely uninterested in ARM-based MacBooks

02/03, 1:35pm

Info stems from meeting with Apple execs

Apple is likely uninterested in building a MacBook Air with an ARM-based processor, says Citigroup's Richard Gardner. The analyst met with Apple CEO Tim Cook and CFO Peter Oppenheimer at the company's Cupertino campus on Thursday, when among other things Cook repeated a view that iOS expansion will eventually result in tablets outselling conventional PCs. "We have wondered whether Apple might offer an ARM-based version of the MacBook Air at some point; we walked away from this meeting with the impression that Apple feels iPad satisfies -- or will soon satisfy -- the needs of those who might have been interested in such a product," writes Gardner in a new memo.


Apple CFO said taking retail reins while replacement awaits

12/09, 4:25pm

Apple uses Oppenheimer as interim retail lead

Apple's chief finance officer Peter Oppenheimer is temporarily filling in as the company's retail lead while it looks for a replacement for former retail senior VP Ron Johnson, a rumor maintained Friday. He was considered an interim leader by 9to5's source and was delegating broader orders to Real Estate VP Bob Bridger, international retail operations director Steve Cano, and merchandising VP Jerry McDougal. Neither Bridger nor McDougal were considered in the running, although one rumor had Cano as a candidate.


Top Apple senior VPs get $60 million bonuses each

11/04, 7:30pm

Apple SEC filing shows huge bonus payouts

Apple on Friday sent filings to the SEC that showed one of the larger bonus payouts to its senior vice presidents in recent memory. iOS head Scott Forstall, Hardware Engineering's Bob Mansfield, CFO Peter Oppenheimer, Worldwide Product Marketing lead Phil Schiller, general legal counsel Bruce Sewell, and operations head Jeff Williams all received share awards of 150,000 shares each. At current market values of about $400 per share, each will have made $60 million if they cashed in the same day.


Analyst: Apple will make a low-cost iPhone if it's 'killer'

08/04, 9:45pm

Highlights from meeting with COO, CFO

RBC Capital technology analyst Mike Abramsky had a meeting yesterday with Apple's acting CEO and COO Tim Cook along with CFO Peter Oppenheimer, and while not directly quoting either executive, commented on his own "takeaways" from the meeting, confirming among other things that Apple is indeed planning a low-cost iPhone -- if it can be a "innovative, category-killer experience," reports Tiernan Ray at Barron's.


Apple changes revenue deferral to accommodate iCloud

07/19, 5:45pm

EPS guidance low due to "product transition"

During Apple's quarterly financial conference call, CFO Peter Oppenheimer announced that the company has changed its accounting rules to accommodate new services such as iCloud. The cloud-based services are said to be worth approximately $22, requiring the company to defer $22 in revenue for each Mac sold from June on.


Meeting with Apple execs may hint at WWDC announcements

05/05, 11:05am

Company claims software driving product cycles

Apple will likely reveal "major feature/function updates" at this year's WWDC in early June, says Morgan Stanley analyst Katy Huberty. The prediction is based on a meeting with key Apple executives, including CFO Peter Oppenheimer, senior retail VP Ron Johnson and VP of Internet services Eddy Cue. During the gathering the executives explained that Apple "generally views product cycles as software driven," according to Huberty.


Cook: 'Clever things' planned to address prepaid iPhones

02/28, 11:55am

Hopes products not 'just for the rich'

Apple has "clever things" planned in order to address the prepaid market for iPhones, says COO Tim Cook. The executive joined CFO Peter Oppenheimer and VP of Internet Services Eddy Cue in speaking with Toni Sacconaghi, an analyst with Bernstein Research. While the iPhone is in high demand, a new model can cost at least $600 off-contract. Apple doesn't want its products to be "just for the rich," according to Cook, and is "not ceding any market." He notes that the company has spent "huge energy" in China, said to be a "clasic prepaid market."


Apple quietly hunting for new CFO?

01/06, 4:05pm

Rep insists Oppenheimer is 'extremely happy'

The CFO of the Blackstone Group, Laurence Tosi, was recently approached to see if he would be willing to take on the same job at Apple, say three Bloomberg sources. Two of the sources claim that Tosi then informed Blackstone CEO Stephen Schwarzman he was planning to stay. An Apple spokesman, Steve Dowling, insists that the company is "not conducting a CFO search."


Apple heads donate over $3 million in stock

12/29, 4:00pm

Recipients go unlisted

Two executives and two board members at Apple donated over $3 million in stock this month, according to Securities and Exchange Commission filings. All of the donations took place between the 10th and the 17th; the biggest one is noted to have been made by board member Millard Drexler, also currently the CEO of J. Crew. He donated 6,800 shares on December 14th at a closing price of $320.29 per, making the offering worth about $2.178 million.


Apple unable to keep up with iPhone 4 demand, say execs

09/01, 11:30am

Efforts to close gap not having any effect

Apple is still unable to cope with interest in the iPhone 4, two of the company's key executives indicate. A Deutsche Bank analyst, Chris Whitmore, recently met with CFO Peter Oppenheimer and senior VP of retail Ron Johnson to discuss the state of sales. "iPhone 4 demand remains very robust and despite efforts to close the supply-demand imbalance and the continued supply ramp, Apple still cannot meet iPhone demand," Whitmore says of the discussion.


Apple executives sell over 1 million in personal shares

03/26, 12:40pm

Individuals claim tens of millions in profit

Several Apple executives have become even richer after a stock selloff on Thursday, Fortune reports. Over a million restricted Apple shares became fully vested on Wednesday, and the next morning, four executives sold most of them under a Rule 10b5-1 trading plan. COO Tim Cook is noted to have profited most, having sold 300,000 shares at prices ranging from $226.90 to $230.70; the shares were originally worth $72.01 apiece. Cook's total haul is noted to have been $68.8 million, although $32 million was diverted to taxes.


Apple exec quashes some Apple TV rumors

09/08, 12:10pm

Denies some expected features

Apple is unlikely to turn the Apple TV into a DVR set-top, despite analyst suggestions and hints in patents, says research firm Caris & Company. Analysts from the firm are said to have met recently with Apple CFO Peter Oppenheimer, who immediately tried to dispel rumors. "While some have wondered whether Apple might ultimately try to integrate traditional cable set-top box (decoding) functionality into its Apple TV product," a Caris investor note reads, "Mr. Oppenheimer pretty much killed that concept and said that it just doesn't fit Apple's business."



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