“‘Maestri will be assuming this role at an interesting time – when Apple is in the midst of launching more services and likely needs to convince investors that it has more consistent revenue streams in a commoditizing smart phone market,’ Barclays analyst Ben Reitzes wrote on Tuesday,” Ramakrishnan and Chan report. “‘We know Maestri quite well and believe he will support consistent plans for capital return and thoughtful, achievable guidance,’ [Reitzes wrote].”
“Longer-term, the company is also under increasing pressure to come up with the next big thing,” Ramakrishnan and Chan report. “Some investors bet that Chief Executive Officer Tim Cook will finally unveil a revolutionary new product this year, breaking a dry spell of several years during which it stuck mainly to iterations of the iPhone and iPad.”
MacDailyNews Take: Apple is operating exactly as it did under Steve Jobs: Disruptive innovation happens sporadically and then each product is refined in quest of perfection.
• iPhone was released 5 years, 7 months, and 19 days after iPod.
• iPad was released 2 years, 9 months, and 5 days after iPhone.
• Tim Cook has been Apple CEO for 2 years, 6 months, and 9 days.
Ramakrishnan and Chan continue, “Oppenheimer, who joined Apple in 1996, will start handing over in June to Maestri. Named to the board of Goldman Sachs Group Inc on Monday, he said in Tuesday’s statement he would use some of his free time to complete his pilot’s license. ‘When we were recruiting for a corporate controller, we met Luca and knew he would become Peter’s successor,’ Cook said. On Tuesday, he noted that Apple’s revenue had risen to $171 billion from $8 billion during Oppenheimer’s tenure as CFO.”
Read more in the full article here.
Who is Luca Maestri, Apple’s next CFO? – March 4, 2014
Apple CFO transition may matter more than you think – March 4, 2014
Apple CFO Peter Oppenheimer to retire at the end of September – March 4, 2014
Apple CFO Peter Oppenheimer joins Goldman Sachs board of directors – March 3, 2014
Don’t be surprised if Apple CFO Peter Oppenheimer announces his retirement at Friday’s shareholder meeting – February 27, 2014
Apple’ Peter Oppenheimer top CFO earner in fiscal 2012 with $68.6 million package – May 8, 2013