Apple announced on Tuesday that Senior Vice President and Chief Financial Officer Peter Oppenheimer will retire from the company as of the end of September, and will be replaced by Luca Maestri, Apple’s vice president of Finance and corporate controller. A transition between the two employees will begin in June. Oppenheimer was with the company for 18 years.
Peter will transition the CFO role to Luca in June and the balance of his responsibilities over the remaining time allowing for a professional and seamless transition.
“Peter has served as our CFO for the past decade as Apple’s annual revenue grew from $8 billion to $171 billion and our global footprint expanded dramatically. His guidance, leadership and expertise have been instrumental to Apple’s success, not only as our CFO but also in many areas beyond finance, as he frequently took on additional activities to assist across the company. His contributions and integrity as our CFO create a new benchmark for public company CFOs,” said Tim Cook, Apple CEO. “Peter is also a dear friend I always knew I could count on. Although I am sad to see him leave, I am happy he is taking time for himself and his family. As all of us who know him would have expected, he has created a professional succession plan to ensure Apple doesn’t miss a beat.”
Oppenheimer said he has wanted to live on the central coast of California, and get more involved with his alma mater, Cal Poly. He also plans to spend more time with his wife and sons, travel more, and finish the requirements for his pilot’s license, a long time goal for Oppenheimer.
Oppenheimer’s retirement comes on the heels of Monday’s announcement that he would be joining the board of directors at Goldman Sachs.
Apple credits Oppenheimer with helping the company grow its annual revenue more than twentyfold during his time as CFO. The company noted that Oppenheimer had overseen the development of a disciplined global financial strategy, and has built a world class financial team.
Oppenheimer’s replacement, Luca Maestri, has been with Apple since 2013, and prior to joining the company Maestri was CFO at both Nokia Siemens Networks and Xerox.
Maestri began his career with General Motors and spent 20 years in finance and operating roles in the Americas, Asia Pacific and Europe. His last role at GM was CFO for all of GM’s operations in Europe, which spanned over 45 countries with annual net revenue of approximately $40 billion.
Maestri brings a broad international background to his new position, with time spent living and working in Italy, Poland, Ireland, Switzerland, Singapore, Thailand, Brazil and Germany, as well as the U.S.
Maestri graduated from Luiss University in Rome with a bachelor’s degree in Economics and received a master’s degree in Science of Management from Boston University.