Apple Inc. named Michael Shapiro as its new corporate treasurer, enlisting a veteran member of its treasury team and the company's Braeburn Capital cash-management arm following the recent retirement of Gary Wipfler, according to people familiar with the matter.

The move is a part of a wave of promotions at Apple, which also elevated key software, marketing, and chip executives, said the people, who asked not to be identified because the changes haven't been announced.

Shapiro will become the steward of Apple's nearly $200 billion money pile. He's listed on corporate records as a member of the company's Reno, Nevada-based cash management group and is a longtime executive at the iPhone maker. Wipfler retired from Apple in recent weeks after 35 years at the company, Bloomberg News reported earlier this month.

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