Apple Chief Financial Officer Peter Oppenheimer was the highest paid among all CFOs in the last year. During 2012, the Cupertino-based company rewarded its CFO with $69M for its financial performance.
During Oppenheimer’s leadership, Apple grew up to $120 billion in 2012, and the company offered him a compensation package of exactly $68.6 million for the year. This number is 16 times higher than CEO Tim Cook’s compensation for the same year.
In the battle of the highest paid CFO, Oppenheimer was placed on the first spot among all S&P 500 executives including CEOs. On the second place, Oracle’s CFO Safra Catz was paid with $51.7 million while Google’s Patrick Pichette was number three with $38.7 million compensation package.
With this amount of package compensation, Peter Oppenheimer is placed on the fifth place among the top-earners executives in the whole world.
Oppenheimer saved Apple from paying billions in corporate tax payments. His idea of keeping two-thirds of Apple’s holdings outside the United States has allowed Apple to amass cash holdings in excess. In this way, the tax payments were redirected towards other projects and products.
Another notable approach designed by Apple’s financial chief was regarding the company’s recent bond offering, which allowed the company to avoid other $9.2 billion in taxes by borrowing against its cash position instead of repatriating its oversees holding. This debt will allow Apple to fund its 4100 billion capital return programs, which is partially credited with a bottom under Apple Stock, after slightly dropping bellow $400 in April.
According to a previous report offered by Bloomberg offered in April, Apple’s board of directors is eager to have all its executives happy. In this respect, the Fruit Company is offering multiple compensation packages, which place some of their chief executives among the best-paid executives. Therefore, Bob Mansfield received an $85.5 million package in 2012; Bruce Sewell received $69 million, Jeff Williams at $68.7 million and the already mentioned CFO Peter Oppenheimer with $68.6 million.
Oppenheimer holds the place of Apple CFO since 2004, and he has previously served as corporate controller, vice president and worldwide sales controller. It is worth mentioning the fact that the compensation packages of Oppenheimer, Mansfield, Sewell and Williams were offered for the fiscal year 2012 that ended last September.