Rumor has it that Apple CFO Peter Oppenheimer is on the verge of announcing his retirement. Forbes contributor Chuck Jones suggests that Apple has been laying the groundwork for Oppenheimer’s resignation, citing the fact that Treasurer Gary Wipfler has been the only executive to participate in the last two earnings conference calls with Oppenheimer and CEO Tim Cook.Should Oppenheimer announce his retirement sooner, like theorists are predicting, this would be a major change for Apple. However, sources also reveal that Apple’s Corporate Controller Luca Maestri has been on earnings calls with Wipfler, Oppenheimer, and Cook. As the former CFO of Xerox, Maestri has the expertise and experience necessary to step in should Oppenheimer resign.
Since becoming CFO in 2004, Oppenheimer has earned the title of the highest paid finance chief in the nation, earning a $68.6 million package. From 2005 to 2013, Oppenheimer helped Apple increase its revenue 12.3 times, an impressive feat for any CFO. Oppenheimer also helped boost net profit from $1.65 billion to $49 billion, an extraordinary growth rate of 30 times.
Oppenheimer’s Legacy at Apple
Whether or not Oppenheimer announces his retirement in the coming days or weeks, it’s clear that Oppenheimer’s legacy at Apple will be respected for the impressive growth and the financial stability he helped achieve. Key points of Oppenheimer’s time at Apple include:
- Two decades of service. Before becoming CFO, Oppenheimer worked as controller for the Americas beginning in 1996. He was later promoted to vice president and Worldwide Sales controller, eventually becoming the corporate controller.
- Redefining the role of the CFO. Much has been written about the ever expanding and evolving role of the CFO. It turns out that Oppenheimer has helped redefine the role of the CFO, as he worked beyond the finance department and oversaw controller, treasury, information systems, tax, internal audit, and similar functions.
- Infusing personality into the workplace. As a former member of Alpha Gamma Rho, Oppenheimer understood the value of personal connection in the workplace. He’s known as a personable CFO who’s taken the time to get to know his peers.
Whether Pete Oppenheimer continues his role as Apple’s CFO or announces his resignation, his work at the tech company is an inspiration for finance professionals everywhere.