Goldman Sachs announced on Monday that it has added Apple CFO Peter Oppenheimer to its board of directors. Mr. Oppenheimer will sit on several committees and serve as one of ten independent directors.
Apple CFO Peter Oppenheimer
"Peter’s 25 years of broad experience across important industries will add a valuable perspective to our Board of Directors," Lloyd C. Blankfein, Chairman and CEO of Goldman Sachs, said in a statement. "We appreciate his willingness to serve as a director and look forward to benefitting from his judgment and counsel."
Mr. Oppenheimer brings Goldman Sach's board of directors up to 13, ten of whom are independent, meaning they don't work for the company or have a material or pecuniary relationship with it. Mr. Oppenheimer will sit on the Audit, Risk, Compensation and Corporate Governance, Nominating, and Public Responsibilities committees at Goldman Sachs.
The selection of Apple's CFO for one of the top investment banks on the planet marks an interesting turn in the annals of Silicon Valley. It's not often that executives from California tech firms get chosen for Wall Street boards, and this shows just how much clout both Apple and Mr. Oppenheimer have in the finance world (despite all of the misunderstanding concerning Apple from Wall Street analysts).
Detractors might point out that much of Mr. Oppenheimer's clout stems from his efforts to funnel Apple's overseas revenues through companies based in countries with low taxation in order to minimize Apple's tax burden around the world. Those detractors would be correct in doing so, but to Wall Street that is a Good Thing™.
It's also important to remember that this is a far cry from Apple hiding money from the U.S. tax man, something that many have erroneously accused Apple of doing. The reality is that Apple pays more in taxes than any other company in the U.S. even while paying fairly low taxes in percentage terms in foreign markets.
In addition to his work managing the finances of the world's most valuable company, Mr. Oppenheimer also sits on the boards of the California Polytechnic State University Foundation and the Sacred Heart Schools in Atherton, California.