• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

The millennial generation has split, new Fed research shows: Those over 35 are edging toward boomer-style wealth, while everyone else falls behind

2

Mark Cuban says he has the solution to growing income inequality, and it's to reward every employee—from CEO to janitor—with company stock

3

Mathematicians grapple with a ‘very rapid and very unsettling change’ as AI cracks yet another century-old problem

1

The millennial generation has split, new Fed research shows: Those over 35 are edging toward boomer-style wealth, while everyone else falls behind

2

Mark Cuban says he has the solution to growing income inequality, and it's to reward every employee—from CEO to janitor—with company stock

3

Mathematicians grapple with a ‘very rapid and very unsettling change’ as AI cracks yet another century-old problem

At Apple, CFO’s departure leaves big shoes to fill

By
Verne Kopytoff
Verne Kopytoff
Senior Editor, Tech
Down Arrow Button Icon
By
Verne Kopytoff
Verne Kopytoff
Senior Editor, Tech
Down Arrow Button Icon
March 7, 2014, 3:31 PM ET
Add Fortune on Google for similar content.
Apple CFO Peter Oppenheimer speaking at a Congressional hearing in 2013

FORTUNE — Peter Oppenheimer, Apple’s longtime chief financial officer, kept an especially low profile during his tenure. He rarely spoke publicly beyond the company’s quarterly earnings calls, and happily left the spotlight to Steve Jobs, Tim Cook, and other high-profile members of the company’s senior executive team. Even Apple (AAPL) fanatics would have trouble recognizing him on the street.

That surely won’t be the case this week. On Tuesday, Apple announced Oppenheimer’s plans to retire. His departure will end one of the most remarkable runs by any chief financial officer, which by the job’s very nature is largely behind the scenes and difficult to isolate from the work of other senior executives. Oppenheimer, 51, played a huge role in Apple’s rise, and during the decade he served as the company’s chief financial officer, Apple blossomed into a huge global business with a $160 billion stockpile of cash.

“A tremendous performance,” said Colin Gillis, an analyst with BGC Partners. “I think he deserves to be ranked up there with some of the best CFOs.”

Oppenheimer’s retirement comes at a pivotal moment for Apple, which is feeling the pressure from rivals like Google and Samsung. Growth in sales of Apple’s iconic devices — the iPhone and iPad — is slowing, and investors are clamoring for new blockbuster products to take up the slack.

MORE: Apple keeps 76% of its users. Samsung gets 34% of switchers

Of course, ultimate responsibility for day-to-day operations and innovation lies not with the chief financial officer but with chief executive Cook and others on his leadership team. Still, Oppenheimer had formidable sway during an 18-year career that spanned Apple’s near-bankruptcy and its eventual comeback as the world’s most valuable company.

His financial management kept up with and helped to fuel Apple’s astounding growth. During his tenure, annual revenue rose more than 20-fold to $171 billion from just $8 billion. He also engineered many of the complex maneuvers that helped Apple pay minimal taxes on its vast overseas business. Although intensely criticized for using the tax loopholes, he vigorously defended the strategy and, during testimony before a Congressional committee last year with Cook, succeeded in deflecting some of the hostility.

As a member of Apple’s senior executive team, Oppenheimer played a critical role in major decisions. He helped determine the price of new products, manage manufacturing costs, and forecast inventory. Oppenheimer also handled the sensitive job of setting quarterly earnings guidance for Wall Street. (During Apple’s years of rapid growth, that guidance ended up being so conservative that the company routinely beat it, making the exercise largely irrelevant.)

MORE: Two economists file pro-Apple brief in e-book antitrust case

“He was Tim Cook’s right-hand man — one of the key voices in setting strategy and executing on it,” said Nick Araco, chief executive of the CFO Alliance, a networking group of 5,000 finance executives. “This wasn’t just about the finance function but everything that touches the consumer experience and global market.”

In overseeing Apple’s gargantuan cash hoard, Oppenheimer found himself in uncharted territory. No other public company had ever had so much money sitting around. For years, he and his fellow executives clung to the cash, mostly as a rainy day fund. Ultimately, under pressure from investors, including the activist gadfly Carl Icahn, Apple executives loosened the purse strings and embarked on a plan to spend $100 billion on paying dividends and buying back shares, which helps to lift the stock price.

“They use cash very strategically, not in a flashy way in making big acquisitions, but to secure the supply chain for their product,” said Jan Dawson, an analyst with Jackdaw Research. “It’s hard to justify holding onto that huge amount of cash without using it to boost the stock price.”

Oppenheimer oversaw Apple’s internal computer systems and its far-flung office buildings and data centers, and he undoubtedly played an important role in the outsourcing of much of Apple’s manufacturing operations to Asia. (After all, chief financial officers love savings.) Most recently, he led the campaign started by the late co-founder Steve Jobs to build a new futuristic headquarters resembling a spaceship in Cupertino, Calif.

MORE: Apple moved up the iPhone price curve in December

Oppenheimer’s career at Apple started in 1996 as controller for the Americas, a period during which the company was in steep decline. He slowly made his way up through the ranks to become chief financial officer in 2004. Before Apple, he worked in finance at Automatic Data Processing, a payroll services firm, and as a consultant for Coopers & Lybrand. Oppenheimer majored in agricultural business at Cal Poly San Luis Obispo and went on to get an MBA from Santa Clara University.

“I was always believing, and I still do, that I would someday get back to the agriculture side of the business world,” he told the Cal Poly student newspaper seven years ago.

Luca Maestri, Apple’s vice president of finance and controller, will take over as chief financial officer from Oppenheimer. Maestri, who joined Apple last year from Xerox, has extensive international experience following stints at General Motors and Nokia Siemens Networks.

Oppenheimer will formally retire in September to give himself the free time to finish the requirements for a pilot license and to become more involved with his alma mater, among other things. He also recently accepted a seat on the board of Goldman Sachs. Cook stressed that Oppenheimer’s retirement had been planned for some time and that the succession will be smooth. Analysts expect few major changes in how the company manages its finances or to its share buyback program.

“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,” Cook said in a statement on Tuesday announcing Oppenheimer’s retirement plans. “His contributions and integrity as our CFO create a new benchmark for public company CFOs.”

About the Author
By Verne KopytoffSenior Editor, Tech
LinkedIn iconTwitter icon

Verne Kopytoff is a senior editor at Fortune overseeing trends in the tech industry. 

See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • TikTok icon
  • YouTube icon

Latest in

Jensen Huang made his $172 billion fortune on AI chips. His family’s $75 million gift to Vanderbilt argues art decides what technology is for
Big Techphilanthropy
Jensen Huang made his $172 billion fortune on AI chips. His family’s $75 million gift to Vanderbilt argues art decides what technology is for
By Sydney LakeJuly 23, 2026
2 hours ago
Current ARM mortgage rates report for July 23, 2026
Personal FinanceReal Estate
Current ARM mortgage rates report for July 23, 2026
By Glen Luke FlanaganJuly 23, 2026
2 hours ago
Current refi mortgage rates report for July 23, 2026
Personal FinanceReal Estate
Current refi mortgage rates report for July 23, 2026
By Glen Luke FlanaganJuly 23, 2026
2 hours ago
Mortgage rates today, July 23, 2026
Personal Financemortgages
Mortgage rates today, July 23, 2026
By Glen Luke FlanaganJuly 23, 2026
2 hours ago
Hasbro’s growth strategy isn’t just about kids anymore—it’s about ‘kidults’
Healthchief executive officer (CEO)
Hasbro’s growth strategy isn’t just about kids anymore—it’s about ‘kidults’
By Phil WahbaJuly 23, 2026
2 hours ago
Thijn Lamers is Co-Founder and President, Noah.
Commentarystart-ups
Adyen co-founder: Europe does not need more ambition. It needs to stop hiding it
By Thijn LamersJuly 23, 2026
2 hours ago

Most Popular

The millennial generation has split, new Fed research shows: Those over 35 are edging toward boomer-style wealth, while everyone else falls behind
Real Estate
The millennial generation has split, new Fed research shows: Those over 35 are edging toward boomer-style wealth, while everyone else falls behind
By Nick LichtenbergJuly 22, 2026
16 hours ago
Mark Cuban says he has the solution to growing income inequality, and it's to reward every employee—from CEO to janitor—with company stock
Success
Mark Cuban says he has the solution to growing income inequality, and it's to reward every employee—from CEO to janitor—with company stock
By Sasha RogelbergJuly 20, 2026
3 days ago
Mathematicians grapple with a ‘very rapid and very unsettling change’ as AI cracks yet another century-old problem
AI
Mathematicians grapple with a ‘very rapid and very unsettling change’ as AI cracks yet another century-old problem
By Eva RoytburgJuly 21, 2026
2 days ago
OpenAI says its AI models secretly broke out of a secure test environment and hacked into AI company Hugging Face in order to cheat on an evaluation
Cybersecurity
OpenAI says its AI models secretly broke out of a secure test environment and hacked into AI company Hugging Face in order to cheat on an evaluation
By Jeremy Kahn and Emily ForliniJuly 21, 2026
2 days ago
Despite a $156 million contract, Knicks star Jalen Brunson still calls his parents for financial advice any time he makes a big purchase
Success
Despite a $156 million contract, Knicks star Jalen Brunson still calls his parents for financial advice any time he makes a big purchase
By Emma BurleighJuly 21, 2026
2 days ago
Scott Bessent casually says the U.S. has more than $1 trillion in gold—and that it doesn’t matter for the dollar
Economy
Scott Bessent casually says the U.S. has more than $1 trillion in gold—and that it doesn’t matter for the dollar
By Sasha RogelbergJuly 22, 2026
14 hours ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.