The following is an excerpt from a Reuters article that quotes Visiting Assistant Marketing Professor Brett Robinson on Apple’s new CFO. Robinson is the author of Appletopia. To read the entire article visit: Apple's new finance steward Maestri takes over $160 billion cash haul
Apple Inc's Chief Financial Officer Peter Oppenheimer will retire and hand the reins to Luca Maestri in September, entrusting to the Italian-born executive a cash pile the size of Vietnam's economy and the difficult task of guiding Wall Street's expectations.
The 50-year-old born in Rome is taking over with Apple at a crossroads. Investors continue to clamor for the company to put its industry-leading $160 billion hoard to better use than just parked overseas, while rivals Google and Facebook shell out tens of billions of dollars snapping up cutting-edge tech companies like Nest and WhatsApp.
Managing investors' outsized expectations may become more difficult as Apple - facing slowing revenue growth and more aggressive competition - dives deeper into lower-margin but higher-growth emerging markets like China, where cheaper local players Huawei and Xiaomi dominate.
"Oppenheimer had a very successful run but joined Apple at a time when the personal technology market was focused exclusively on personal computers," said University of Notre Dame visiting professor of marketing Brett Robinson
, author of "Appletopia."
"Apple's hiring of Luca Maestri, who has broad international experience, is consonant with Apple's strategy to expand their global footprint."