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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Apple Inc.    AAPL

APPLE INC.

(AAPL)
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Apple CFO Oppenheimer to retire in September, Maestri to take over

03/04/2014 | 10:36am EST
Apple's CFO Oppenheimer appears before Senate homeland security and governmental affairs investigations subcommittee hearing in Washington

(Reuters) - Apple Inc said Chief Financial Officer Peter Oppenheimer will retire at the end of September, handing over to Corporate Controller Luca Maestri in what Chief Executive Tim Cook described as an orderly succession put in place by his CFO.

Oppenheimer, 51, who joined Apple in 1996 and has been CFO since 2004, will start handing over in June to Maestri, who joined in 2013 from Xerox Corp.

"When we were recruiting for a corporate controller, we met Luca and knew he would become Peter's successor," Cook said.

Apple's shares were up 0.6 percent in early trading.

Maestri, a 50-year-old born in Italy, spent 20 years at General Motors where he worked as CFO of several units including GM Europe. Before joining Xerox, he was CFO of network equipment maker Nokia Siemens Networks.

"The transition doesn't come as too much of a surprise to us as Mr Maestri left his position as Xerox's CFO to become Apple's corporate controller, which we felt was an indication that there must be an eventual path to CFO," Wells Fargo Securities analyst Maynard Um said in a research note.

"While we view Mr Oppenheimer's retirement as a loss to the company, we expect the transition to be fairly seamless."

Oppenheimer, who was named to the board of Goldman Sachs Group Inc on Monday, said he would use some of his free time to complete his pilot's license.

Cross Research analyst Shannon Cross said Oppenheimer's move had nothing to do with his new role at Goldman Sachs.

"There is nothing there. This was absolutely a 100 percent planned transition," Cross told Reuters.

Cook noted that Apple's revenue had risen to $171 billion from $8 billion during Oppenheimer's tenure as CFO.

Maestri will take over his new role at a time when Apple has been under pressure from investors such as Carl Icahn to return much of its huge cash pile to investors and to come up with the next big thing to emulate the success of iPhone and iPad.

The company had about $160 billion cash at the end of 2013.

Apple has said it will return $100 billion to shareholders by the end of 2015 through dividends and share repurchase.

The company said in February that it had bought more than $40 billion of its shares over the past 12 months, helping to satisfy Icahn, at least for now.

Apple shares were up 0.7 percent at $531.22 in early trade on the Nasdaq.

(Reporting by Sruthi Ramakrishnan and Lehar Mann in Bangalore; Editing by Kirti Pandey and Ted Kerr)

Stocks treated in this article : Apple Inc., Goldman Sachs Group Inc

© Reuters 2014
Stocks mentioned in the article
ChangeLast1st jan.
APPLE INC. -1.37% 127.14 Delayed Quote.-4.18%
GENERAL MOTORS COMPANY -3.03% 49.97 Delayed Quote.20.00%
THE GOLDMAN SACHS GROUP, INC. -2.23% 301.01 Delayed Quote.14.14%
XEROX HOLDINGS CORPORATION -2.39% 22.49 Delayed Quote.-3.02%
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Financials (USD)
Sales 2021 317 B - -
Net income 2021 67 023 M - -
Net cash 2021 96 637 M - -
P/E ratio 2021 31,8x
Yield 2021 0,67%
Capitalization 2 139 B 2 139 B -
EV / Sales 2021 6,44x
EV / Sales 2022 6,01x
Nbr of Employees 147 000
Free-Float 98,9%
Chart APPLE INC.
Duration : Period :
Apple Inc. Technical Analysis Chart | AAPL | US0378331005 | MarketScreener
Technical analysis trends APPLE INC.
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 43
Average target price 131,86 $
Last Close Price 127,14 $
Spread / Highest target 25,8%
Spread / Average Target 3,71%
Spread / Lowest Target -37,1%
EPS Revisions
Managers and Directors
NameTitle
Timothy Donald Cook Chief Executive Officer & Director
Arthur D. Levinson Independent Chairman
Jeffrey E. Williams Chief Operating Officer
Luca Maestri Chief Financial Officer & Senior Vice President
Kevin M. Lynch Vice President-Technology
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