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You are here: MacNN Forums > News > Mac News > Apple CFO Peter Oppenheimer takes seat on Goldman Sachs board

Apple CFO Peter Oppenheimer takes seat on Goldman Sachs board
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NewsPoster
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Mar 3, 2014, 11:17 AM
 
Apple's chief financial officer, Peter Oppenheimer, has joined the board of directors for financial firm Goldman Sachs, according to the latter's website. The appointment won't affect Oppenheimer's status at Apple, but is somewhat unusual in that the position isn't related to product interests. CEO Tim Cook, for example, is the on the Nike board; Internet head Eddy Cue is on the board of Ferrari, which was recently announced as a CarPlay partner.

The position could generate some small controversy, since Goldman Sachs was directly implicated in the subprime mortgage crisis of 2007 and 2008. The firm also paid bonuses worth at least $1 million each to 953 executives in 2008, despite having received a $10 billion bailout from the US government.

As part of the Goldman Sachs board, Oppenheimer will participate in its Audit, Risk, Compensation and Corporate Governance, and Nominating and Public Responsibilities committees. The company notes that he has some 25 years of experience, including multiple financial positions at Apple, and a divisional CFO role at ADP (Automatic Data Processing).
     
yticolev
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Mar 3, 2014, 12:50 PM
 
"isn't related to product interests"? Ideally, you don't want board members that have conflicts of interest, but with needed expertise. For example, Al Gore is an Apple board member. No product tie-in there! Just useful expertise on environmental friendly practices and politics.
     
And.reg
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Mar 3, 2014, 03:36 PM
 
Eddy Cue is running a car board... but Time Cook ought to be doing the running since he's with Nike.

*sigh*

Another media-overplayed "big business" meeting...
     
Charles Martin
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Mar 3, 2014, 04:26 PM
 
Hopefully Oppenheimer will be the best thing that ever happened to that place.
Charles Martin
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YangZone
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Mar 3, 2014, 06:44 PM
 
Wow. Why not get something nicer like cleaning sewer lines with a toothbrush?
     
Cold Warrior
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Mar 3, 2014, 08:13 PM
 
Didn't see that coming. At most I figured the Apple bond issue was a way to dole out some hush money to the banks--anyone notice how much quieter it has been since then? Goldman was one of two firms to handle the bond sale and I figured that was that. But Apple's CFO getting a seat with the Vampire Squid is significant. It indicates Apple didn't totally cave, but probably horse traded the deal for the seat.
     
   
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