After former Apple treasurer Gary Wipfler retired, the company had yet to announce its new treasurer. According to a report by Bloomberg, Michael Shapiro is its new corporate treasurer.

As for now, Apple didn’t announce it publicly, so Bloomberg’s story quotes people familiar with the matter. Michael Shapiro is a longtime executive at Apple and works on corporate records as a member of the cash management group based in Reno, Nevada.

With this change, Apple wants to reach net cash neutral status soon:

“The Cupertino, California-based company ended last quarter with $194 billion in cash and marketable securities. But Apple has been working to reduce its balance as it tries to reach net cash neutral status, meaning the company will have an equal amount of cash and debt.

Mark Gurman also reports that with Wipfler leaving the company and Shapiro stepping up as the new treasurer, it also brought a wave of promotions at Apple. The story quotes at least four new VPs.

According to the report, Alan Gilchrist was promoted to vice president of engineering for custom silicon and battery technology, Eden Sears has been promoted to vice president of brand for the entire company, and Craig Federighi promoted Stacey Lysik and Ron Huang as new vice presidents.

With that, Apple has over 100 vice presidents that report to a group of senior vice presidents or directly to CEO Tim Cook, CFO Lucas Maestri, or COO Jeff Williams.

Apple has yet to announce all of these changes, although the company would likely only address Michael Shapiro’s promotion.

Last week, Bloomberg reported that Gary Wipfler was retiring after 35 years at Apple. He worked with multiple Apple CEOs until Steve Jobs’ return in 1997 and remained there after Tim Cook’s succession in 2011. The executive was deeply involved with the company’s racial justice efforts, while also behind the huge Beats acquisition for $3 billion in 2014.

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Apple names new treasurer, new executives as VPs in wave of promotions
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