“Apple Inc’s Chief Financial Officer Peter Oppenheimer will retire and hand the reins to Luca Maestri in September, entrusting to the Italian-born executive a cash pile the size of Vietnam’s economy and the difficult task of guiding Wall Street’s expectations,” Sruthi Ramakrishnan and Edwin Chan report for Reuters.
“‘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.
Related articles:
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
Tanti Auguri Signore Maestri anche Apple.
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Scrooge McDuck swimming in a huge vault of gold coins and paper currency.
Must not plan on having much free time. Takes on ly 50 to 60 hours flying to get a pilots license. Seems like he’s already been working on it. If I had his money, I’d rather hire professionals than risk killing myself a la John Denver and one of the Walton boys.
Better fuel management by John in that experimental craft he was flying would have served him well.
Buddy Holly used a professional pilot, so did Glenn Miller, Jim Croce, Otis Redding and Ricky Nelson.
160 Billion mountain of cash!… If that’s too daunting for the new CFO, feel free to slide a little my way!