Apple Financial Executive Retires After 35 Years of Service

(Photo by Bloomberg)

[Asia Economy Reporter Yujin Cho] Bloomberg reported on the 29th (local time) that a financial executive who managed $200 billion (as of the end of Q2) in funds at Apple has retired.

Bloomberg, citing sources, stated that Gary Wipfler, who oversaw Apple's cash balance, investments, and capital return programs, left the company after several weeks of negotiations.

Wipfler managed Apple's funds for about 35 years until his retirement and reported to Luca Maestri, the Chief Financial Officer (CFO).

Wipfler worked with several CEOs including Apple founder Steve Jobs and also helped oversee Braven Capital, Apple's asset management subsidiary located in Reno, Nevada.

Since Tim Cook became CEO in 2011, Apple shifted its cash strategy to increase share repurchases and dividends while avoiding costly corporate acquisitions.

Apple's acquisition of sound company Beats Electronics and Beats Music for $3 billion in 2014 remains the largest corporate acquisition deal Apple has made to date.

As of the end of Q2, Apple recorded $194 billion in cash and cash equivalents, including marketable securities.

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