Apple CFO Peter Oppenheimer handing over reins to Luca Maestri

March 4, 2014
Apple CFO retiring; successor named

Apple’s chief financial officer, Peter Oppenheimer, will retire and hand the reins to Luca ­Maestri in September, transferring financial stewardship of the world’s largest technology company to the Italian-born corporate controller.

Oppenheimer, 51, has been CFO since 2004 and was the architect behind a $100 billion capital-return program established a year ago in response to demands that the company do more with its ballooning cash hoard. Maestri is not expected to pursue radical changes to the iPhone maker’s strategy on that front.

Maestri, a 50-year-old born in Rome, joined Apple from Xerox in 2013. He spent 20 years at General Motors, where he worked as CFO of several units including GM Europe.

Oppenheimer, who joined Apple in 1996, was named to the board of Goldman Sachs Group on Monday. Apple chief executive Tim Cook noted that Apple’s revenue had risen to $171 billion from $8 billion during Oppenheimer’s tenure as CFO.

— Reuters

GM won’t be harmed by recall, CEO says

General Motors chief executive Mary Barra told employees that the recall of 1.6 million cars over an ignition-switch defect linked to 13 deaths in crashes won’t harm the company’s reputation.

GM, the largest U.S. automaker, “has acted without hesitation” to address the recall in the past few weeks, Barra said in a note Tuesday on a Web site for employees of the Detroit-based company. “We have much more work ahead of us.”

Barra said that she’s leading a group of senior executives monitoring progress on the recall. GM also has started an internal probe to provide an “unvarnished report on what happened,” she said.

U.S. regulators are investigating why it took GM years to recall the eight affected models, including 2005-2007 versions of the Chevrolet Cobalt, after learning about defects related to the ignition switch.

The company said key rings that are too heavy or jarring can cause the switches to slip out of the run position, causing the engines to shut off and a crash-sensing algorithm to misfire in a way that deactivates air bags.

“Our company’s reputation won’t be determined by the recall itself, but by how we address the problem going forward,” Barra said.

— Bloomberg News


— From news services

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