Fred Anderson to Retire as Apple CFO on June 1

CUPERTINO, California—February 5, 2004—Apple® today announced that Fred D. Anderson, Apple’s executive vice president and CFO, will retire on June 1, 2004 and Peter Oppenheimer, Apple’s senior vice president of Finance and corporate controller, will succeed Anderson as CFO at that time. The company intends to appoint Anderson to its Board of Directors upon his retirement.

“Fred has been one of my closest partners at Apple, and has earned the reputation as one of the finest CFOs in the technology industry,” said Steve Jobs, Apple’s CEO. “We’re going to have a smooth handoff to Peter, who will be a great CFO for Apple, and we'll continue to benefit from Fred’s contributions as a member of Apple’s Board.”

“We have been grooming Peter for this role for four years and he is going to be a great CFO,” said Fred Anderson, Apple’s executive vice president and CFO. “Peter already has responsibility for almost all of Apple’s financial departments and has done an excellent job leading them.”

Anderson joined Apple as executive vice president and chief financial officer in March 1996. In his capacity as CFO, Anderson oversees the controller, treasury, investor relations, tax, information systems, internal audit, facilities and human resources, and serves on the company’s executive team. Anderson came to Apple from Automatic Data Processing (ADP), where he was CFO. Anderson currently serves on the board of directors of eBay and E.piphany.

Oppenheimer, Apple’s senior vice president of Finance, corporate controller and member of Apple’s executive team, joined Apple in July 1996 as controller for the Americas, and in 1997 was promoted to vice president and Worldwide Sales controller and then to corporate controller. Oppenheimer joined Apple from ADP, where he was CFO of one of the four strategic business units. Prior to ADP, he spent six years in the Information Technology Consulting Practice with Coopers and Lybrand where he managed financial and systems engagements for clients in the insurance, telecommunications, transportation and banking industries. Oppenheimer received a bachelor's degree from California Polytechnic University, San Luis Obispo and an M.B.A. from the University of Santa Clara, both with honors.