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Apple Treasurer, who Handled 200 billion Dollars’ Cash, Retires at the age of 62

Apple treasurer, Gary Wipfler, retires after working for 35 years. He handled Apple’s 200 billion dollars’ money pile, as well as other financial activities.

Being Apple treasurer, he managed the company’s cash balance, investments, etc. At a certain stage, he was a fixture on the company’s trimestral earnings calls, too.

The Tenure of Wipfler

Till the time Wipfler worked at Apple, he covered many of the company’s CEOs. Wipfler even worked at the company before the return of Steve Jobs in 1997. While Tim Cook became the CEO, Wipfler participated in a shift in the company’s money plan that entailed dedicating more cash to share buybacks and dividend programs. Remarkably, the company’s plan regressed from key achievements.

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Apart from being Apple treasurer, Wipfler too assisted in managing Braeburn Capital, a company’s subsidiary that handles assets of Apple. It was entailed in racial justice and affordable house efforts of Apple. Till his departure, Wipfler answered Luca Maestri (Chief Financial Officer).

Apple Treasurer, who Handled 200 billion Dollars

The company finished the second quarter of this year with 194 billion dollars in cash and securities. It has been functioning to lessen its balance as it tries to level its amount of cash and dues.

Bloomberg sources initially reported the retirement of Apple treasurer. However, neither the executive nor the company has confirmed the news to date. As per Wipfler’s LinkedIn page, he started working at Apple in 1986, a couple of years following the introduction of the first Macintosh and a year after Steve Jobs left the company.

The Bloomberg, as per the report, the director has silently chosen to retire from his job recently.

Huge Pile of Cash

The cash and investments of Apple initially surpassed 200 billion dollars in the financial year ended in 2015. As of then, it has aggressively attempted to bestow it. It has also declared strategies recently for billions in capital outlays. It is too increasing its stock buyback program by 90 billion dollars.

The company at the moment has 195.57 billion cash on hand, as per their financial first-quarter earnings. Apple has constantly organized on the biggest cash pile among the companies in the United States. Still, it is undergoing pressure from the global pandemic. It says that it will persist in purchasing its stock back during the Covid-19 pandemic.

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In addition, it has authorized a rise of 50 billion dollars in the company’s share repurchase plan, as well as a bonus of 0.82 dollars a share. In 2019 fiscal, Apple spent 67.1 billion dollars repurchasing shares and 14.1 billion dollars on bonuses.

Apple’s retail stores across every part of the globe, excluding China, and Korea, are shut until further notice. Yet, the company has carried on to unveiling new products in its second quarter, among indications of a worldwide financial slowdown.

The company reported that the revenue of its iPhone product was down 7 percent over the year, even if that was partially spanned by a 16 percent increase in services revenue. Full revenue progression for the quarter declined from 9 percent to 0.5 percent a quarter before.

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However, the opportunity cost of having so much money is incredibly enormous. Apple carries on to print cash quicker than it can eliminate it. A 1.62 percent return on 204 billion dollars is only 3.3 billion yearly. Placing that big sum of cash to better usage could be very gainful. The same amount invested in the company’s stock a year ago would have led to a profit of 174 billion dollars.

Investors are too planning for a big leap in buybacks. S&P Global Market Intelligence says that S&P 500 companies have invested 130 billion dollars in getting their shares back in the 4th quarter of the previous year. The companies in the US gave out only 192.3 billion dollars in debt in March.

Tim cook purchased a New property

The Chief Executive Officer of Apple, Tim Cook, has bought a property worth 10 million dollars. The property is about 920 square feet, located in posh residential society in La Quinta, CA.

The property is comprised of 6 bathrooms, 5 bedrooms. This residential society is home to celebrities like Kris Jenner, Kourtney Kardashian, Lori Loughlin, Mossimo Giannulli, Cindy Crawford, and Phil Knight. 

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