Apple’s treasurer quietly retired for 35 years and was in charge of nearly $200 billion in cash


Tencent technology news on September 30, people familiar with the matter disclosed on Wednesday that after about 35 years in office at Apple, Gary Wipfler, the company’s chief financial officer in charge of the company’s nearly $200 billion cash reserves, has quietly retired.
The source said that wippler had resigned in recent weeks. However, as apple has not announced wippler’s retirement, the news requested anonymity. During his tenure, wippler supervised Apple’s cash balance, investment and return on capital plan. He was a regular guest of earnings conference calls. The 62 year old executive reported to Luca Maestri, Apple’s chief financial officer, before retiring. So far, Apple has not commented on this report.
Wipfler’s retirement ended his career spanning many CEOs, even before Steve Jobs returned to apple in 1997. At that time, Apple was on the verge of bankruptcy. According to Wipfler’s personal home page on LinkedIn, he joined apple in August 1986 – two years after the launch of the first Macintosh and a year after jobs left apple. Wippler also helped manage Apple’s subsidiary Braeburn capital in Reno, Nevada, which manages its assets. Apple established Braeburn capital for tax avoidance in 2005, and wippler was assigned to manage the company. In addition, he also participated in Apple’s work on racial justice and affordable housing.
After Tim Cook took over as CEO in 2011, apple changed its cash strategy. He spent more of the company’s funds on stock repurchase and dividend plans, while avoiding large acquisitions. Apple’s largest M & a transaction so far is the acquisition of beats electronics and beats music for $3 billion in 2014.
In the last quarter ending in June, apple held $19.4 billion in cash and securities. However, Apple has been trying to reduce its book cash because the iPhone manufacturer is trying to achieve net cash neutrality, which means that the company will have the same amount of cash and debt