Feeds

Apple's head bean counter boasts WORLD'S BIGGEST PACKAGE

Oppenheimer merrily trousers TENS OF MEELLLLIONS

  • alert
  • submit to reddit

Internet Security Threat Report 2014

Apple's chief financial officer Peter Oppenheimer has been named the best paid corporate bean counter of 2012.

According to data from Bloomberg News, the uber-accountant was paid $68.6 million; over an order of magnitude more than the piddling $4.17 million pocketed by his CEO, Tim Cook.

Oracle's CFO Safra Catz edged into second with a monster pay packet of $51.7 million, which made her the best-paid female bean counter, whilst Patrick Pichette from Google was in third with a salary of $38.7 million.

Apple's abacus-strummer presided over one of the biggest bond sales in history, designed to raise cash for investors to compensate for a slowdown in the fruity firm's growth.

He presided over an entirely legal tax dodging ploy by keeping large quantities of Apple's cash offshore, where taxes are lower. This is why Apple decided to issue bonds, rather than paying investors a dividend straight out of a huge cash surplus reckoned to be worth about $145bn.

If this cash was imported back into America, it would incur corporate tax of 35 percent. The strategy saved Apple a sum that's believed to be more than $9bn, according to an estimate by Moody’s Investment Service.

Explaining why these accountants earn more than you and I put together, David Larcker, professor of accounting at the Stanford Graduate School of Business in Stanford, California, said: "They’re a key part of the organization and they’re paid accordingly. It would be very surprising if their performance evaluation wasn’t heavily weighted to minimizing corporate taxes. That’s their job.” ®

Top 5 reasons to deploy VMware with Tegile

More from The Register

next story
Facebook pays INFINITELY MORE UK corp tax than in 2012
Thanks for the £3k, Zuck. Doh! you're IN CREDIT. Guess not
Facebook, Apple: LADIES! Why not FREEZE your EGGS? It's on the company!
No biological clockwatching when you work in Silicon Valley
Happiness economics is bollocks. Oh, UK.gov just adopted it? Er ...
Opportunity doesn't knock; it costs us instead
Sysadmin with EBOLA? Gartner's issued advice to debug your biz
Start hoarding cleaning supplies, analyst firm says, and assume your team will scatter
YARR! Pirates walk the plank: DMCA magnets sink in Google results
Spaffing copyrighted stuff over the web? No search ranking for you
Don't bother telling people if you lose their data, say Euro bods
You read that right – with the proviso that it's encrypted
Apple SILENCES Bose, YANKS headphones from stores
The, er, Beats go on after noise-cancelling spat
prev story

Whitepapers

Cloud and hybrid-cloud data protection for VMware
Learn how quick and easy it is to configure backups and perform restores for VMware environments.
A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Three 1TB solid state scorchers up for grabs
Big SSDs can be expensive but think big and think free because you could be the lucky winner of one of three 1TB Samsung SSD 840 EVO drives that we’re giving away worth over £300 apiece.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.