Chief financial officer Stories June 30, 2014
Chief financial officer Stories May 30, 2014
In an SEC filing today, Apple announced that Luca Maestri has officially transitioned into the Chief Financial Officer and Senior Vice President role. His first official day on the job was yesterday, May 29th. Maestri is not yet on Apple’s executive biographies page, but an official profile will likely go live in the coming days. Apple says that Maestri’s previous job as Principle Accounting Officer will be folded into his CFO role.
Maestri, previously Corporate Controller and a Vice President at Apple, replaces long-time CFO Peter Oppenehimer. The transition was announced by Apple earlier this year. Oppenheimer will shift his remaining responsibilities to Maestri over the course of the next few months and completely retire from Apple at the end of September of this year. As part of his promotion, Maestri will now receive an annual salary of $1 million and new stock-based payment packages:
Chief financial officer Stories March 4, 2013
But this past fourth quarter you had a couple — you had really one thing happen that never happened before, especially with Verizon Wireless, and that was for the first time ever, because of the iPhone 5 launch, we had the 4 at free. So it was the first time ever you could get a free iPhone on the
Verizon Wireless network. So that produced a lot of volume for us. We had a lot of new customers come into Verizon who took that free phone, and that was great for us because again if you think about — we sold a lot of LTE product in the fourth quarter. We sold a lot of 3G product from the iPhone products in the fourth quarter.
But that is key for us, because if you think about our two networks it is important for me as I migrate people into the 4G network I still have this very large 3G network that operates very efficiently. We are not investing any more capital in that network other than to keep it up and running, so no more coverage capital, no more capacity capital. If I can keep that network up and running that just generates more contribution margins for us. So it is critical for us to balance that. But, again, I think you had one point in time where you had a free phone, a free Apple phone that never happened before with us and that generated a lot of volume.
While noting that 53 percent of the carrier’s smartphone activations were iPhones in 2012, Shammo was asked about the opportunity to incentivize employees to sell non-Apple devices that would also come with lower subsidies for Verizon:
The answer is, no, we don’t and it is critical that we don’t do that. The reason for that is because what is more important for us is when a customer walks into a store that customer walks out with a phone that they will be happy with and not return under our 30-day guarantee. Because the worst thing that can happen for us is for me to incentivise a salesperson to get you into a phone that you walk out the door with thinking you are going to like and in three days you come back because you don’t like it. Therefore, now I’ve just subsidized two smartphones because that phone you used I can’t resell as a new phone.
You can read more from Shammo’s presentation and where he discusses the growth of Share Everything plans, tablets, and more here.
Chief financial officer Stories November 8, 2012
Chief financial officer Stories September 20, 2012
Verizon Chief Financial Officer Fran Shammo told attendees at a Goldman Sachs investor conference in New York today that unlimited data plans are no longer relevant and the carrier’s Share Everything plan is doing well.
“We are surprised on shared from many different aspects,” said Shammo, as first reported by CNET. “…More people are going to shared than we actually anticipated. And the thing that really surprised us is we have a lot of people coming off unlimited to go to shared.”
Verizon’s Share Everything plan launched in June and allows users to, well, share data with up to 10 devices through a single account. The carrier stopped offering unlimited data to new customers last year, due to growing smartphone usage clogging the carrier’s pipelines; and with the standard now at 4G LTE, Verizon is likely trying to capitalize on every bit of data funneled through its network.
Unlimited data customers are flocking to Share Everything, Shammo suggested, because many of them realize they don’t consume much data. He also noted customers have added more devices than expected.
“Unlimited is just a word, it doesn’t really mean anything,” Shammo contended. “So that whole unlimited thing I think is going by the wayside and they see the benefit of going to the shared. ”
Chief financial officer Stories June 7, 2012