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(Bloomberg) – Apple Inc.’s treasurer and custodian of its nearly $ 200 billion stack of money has pulled out of the iPhone maker after about 35 years, according to people with knowledge of the matter.
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Gary Wipfler has resigned in recent weeks, said the people, who asked not to be identified because the move was not announced. He oversaw the iPhone maker’s cash balance, investments, and return on capital programs, and he was once a staple in Apple’s quarterly earnings calls. The 62-year-old executive reported to CFO Luca Maestri until his retirement.
An Apple spokesperson declined to comment.
Wipfler’s retirement crowns a career that spanned several CEOs, even before Steve Jobs returned to the company in 1997, when Apple was on the verge of bankruptcy. Wipfler also helped oversee Braeburn Capital, the Reno, Nevada-based Apple subsidiary that manages its assets. Wipfler has also been involved in the company’s racial justice and affordable housing efforts.
Apple changed its treasury strategy when Tim Cook took over as chief executive in 2011. He spent more of the company’s money on share buybacks and dividend programs, while avoiding expensive acquisitions. His biggest deal to date remains the $ 3 billion buyout of Beats Electronics and Beats Music in 2014.
The Cupertino, Calif.-Based company ended the last quarter with $ 194 billion in cash and marketable securities. But Apple has been working hard to reduce its balance as the iPhone maker tries to achieve net cash neutral status, which means the company will have an equal amount of cash and debt.
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