Tag: Peter Oppenheimer

Peter Oppenheimer To Retire From Apple In September

It’s rare to see departures from Apple on the executive level, but they do happen. In fact, Apple’s longtime SVP and CFO is retiring this year.

Apple announced today that Peter Oppenheimer, its senior vice president and CFO, will be retiring in September. Before that, he’ll begin transferring his duties to his successor, Luca Maestri, in June. Maestri is currently Apple’s vice president of Finance and corporate controller.

“Peter has served as our CFO for the past decade as Apple’s annual revenue grew from $8 billion to $171 billion and our global footprint expanded dramatically. His guidance, leadership and expertise have been instrumental to Apple’s success, not only as our CFO but also in many areas beyond finance, as he frequently took on additional activities to assist across the company. His contributions and integrity as our CFO create a new benchmark for public company CFOs,” said Tim Cook, Apple CEO. “Peter is also a dear friend I always knew I could count on. Although I am sad to see him leave, I am happy he is taking time for himself and his family. As all of us who know him would have expected, he has created a professional succession plan to ensure Apple doesn’t miss a beat.”

Oppenheimer joined Apple in 1996 as controller for the Americas, but was soon promoted to vice president and Worldwide Sales controller in 1997. From there, he moved to corporate controller before becoming CFO.

As for his successor, Maestri began his career at General Motors where he served in various finance and operating roles for 20 years. He has also served as CFO at Nokia Siemens Network and Xerox before joining Apple in March 2013.

“Luca has over 25 years of global experience in senior financial management, including roles as a public company CFO, and I am confident he will be a great CFO at Apple,” said Cook. “When we were recruiting for a corporate controller, we met Luca and knew he would become Peter’s successor. His contributions to Apple have already been significant in his time with us and he has quickly gained respect from his colleagues throughout the company.”

After leaving Apple, Oppenheimer will focus on family and his new position on the Board of Directors for Goldman Sachs.

Image via Cupertino CityChannel/YouTube

March 4, 2014
iPhone 5 Rumors Mean Lower iPhone Sales For Apple

Apple released its quarterly earnings report on Tuesday, and included in that were slower than usual iPhone sales.

The latest rumor is that the iPhone 5 (and possibly the iPad Mini) will be released in September. This piece of rumorformation comes from analyst Ming-Chi Kuo, as reported by BGR.

Apple CEO Tim Cook and CFO Peter Oppenheimer spoke on the company’s earnings call, acknowledging that speculation about the device has hurt iPhone sales. Essentially, people want to wait for the next version, rather than buying one before it comes out.

“We’re reading the same speculation about a new iPhone as you are, and we think this has caused some delay in purchasing,” Oppenheimer is quoted as saying.

Still, it’s not as though Apple isn’t selling iPhones. The company still sold 26 million of them in the quarter, representing growth of 28% over Q3. Apple sold 26 million iPhones in the last quarter, which represents a growth of 28% year-over-year. They also happened to sell 17 million iPads (an 84% increase year-over-year).

Rumor has it that the iPhone 5 (which may not even actually be called the iPhone 5) is currently in the manufacturing stage. The device, no matter what it’s called, is also rumored to have a smaller dock connector than its predecessors, which will mean it won’t be compatible with many existing iPhone accessories.

July 25, 2012
Apple Earnings Call: Tim Cook Expresses Gratitude for Steve Jobs Condolences

Apple released its Q4 earnings report. While it missed some estimates, it still had a record September quarter and all time record for iPad and Mac sales. Though iPhone sales were down, it was still a record September quarter for iPhone sales.

CEO Tim Cook opened the earnings conference call by noting that this was the first one since the passing of Steve Jobs. “The world has lost a visionary, a creative genius and an amazing human being,” he said, adding that his “spirit will forever be the foundation of Apple.”

Cook said he wanted to express gratitude for the condolences and expressions of support following Steve’s passing.

He then turned the call over to CFO Peter Oppenheimer to go through the financials.

Apple sold 17.07 million iPhones in the quarter – 21% growth year-over-year. They sold 11.12 million iPads (up 166% year-over-year). They sold 4.89 million Macs (up 26% year-over-year). They sold 6.62 million iPods (down 27% year-over-year).

Oppenheimer noted that Mac growth has been largely fueled by the Macbook Air and Macbook Pro, with 74% of Mac sales being portable Macs, though they also had record desktop sales. He also noted hat there were over 6 million downloads of Mac OS X Lion during the quarter.

The company says iPhone sales were better than they expected, as buzz built for the next-generation to come out in the fall. In other words, they expected people to hold off on buying an iPhone until the iPhone 4S came out.

Well, they may have been right, as the 4S is selling like hotcakes.

He did note that the Asia Pacific has contributed to strong iPhone sales growth. Sales in that region more than doubled year-over-year.

On the iPod front, the company says sales were ahead of their expectations, despite being down year-over-year. iPod still controls 70% of the portable digital music player market. iTunes also had record results.

Apple says it will continue to focus on international expansion of Apple Retail stores.

They also announced 250 million iOS devices sold.

During a Q&A session, Cook said he expects to have an all time record iPhone quarter this quarter.

They will continuously rebroadcast the earnings call here. See the whole earnings report here.

October 18, 2011