Retired Apple CFO Joins Company's Board

Fred Anderson, who retired from Apple Computer's CFO post on June 1, has been elected to the Cupertino, Calif.-based company's board of directors.

Apple announced the move Tuesday. "Fred [Anderson] is widely regarded as one of the industry's leading financial experts, and we want his guidance and judgment to continue benefiting Apple's shareholders," Apple CEO Steve Jobs said in a statement. "Though it is currently out of vogue to add insiders to boards, Fred is the exception to the rule."

Anderson served as Apple's executive vice president and CFO for more than eight years. During his tenure as Apple CFO, Wall Street analysts often credited him with astute financial and inventory management amid flurries of product introductions, new business ventures and changing market strategies.

In the past several years alone, Apple switched to a Unix-based operating system in Mac OS X; revamped its desktop, notebook and server lines; added new product segments like the iPod music player, iSight Web cam and AirPort networking devices; cultivated a robust professional and consumer software business; and launched new ventures like the Apple retail stores and iTunes Music Store pay-per-song service.

Peter Oppenheimer, formerly Apple's senior vice president and corporate controller, was named to take over the CFO slot when Anderson announced his retirement plans in February.Anderson also serves on the boards of eBay and E.piphany. He joined Apple in March 1996 from Automatic Data Processing, where he was CFO.