Apple has announced that its CFO Peter Oppenheimer is leaving Apple for retirement in September this year. Luca Maestri, vice president of finance, will take over as CFO. The transition will begin in June to smooth the changeover from Oppenheimer to Maestri.

Oppenheimer has been at Apple since before Jobs returned in 1997, as a senior director. He became Senior Vice President and CFO in 2004. Yesterday, it was announced that Oppenheimer would join Goldman Sachs as a board member. Oppenheimer was the lead of the Apple Campus 2 project; whether Maestri will take over this responsibility is currently unclear.

Tim Cook commented on the announcement, congratulating Peter for his management as Apple grew. Cook says that Oppenheimer has been “instrumental” to Apple’s success.

“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.”

Tim Cook says he is confident in Maestri, with over 20 years of experience in finance matters. In the press release, Cook says they knew Maestri would be Oppenheimer’s successor as soon as he joined Apple.

 “When we were recruiting for a corporate controller, we met Luca and knew he would become Peter’s successor. His contributions to Apple have already been significant in his time with us and he has quickly gained respect from his colleagues throughout the company.”

It was speculated that Maestri may be taking a bigger role in Apple management as he took a more forward role in Apple’s conference calls, even answering investor questions in the January call. Before joining Apple, Maestri worked at Nokia Siemens and Xerox as CFO. He joined Apple in March 2013.

Image via Getty Images

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

6 Responses to “Apple CFO Peter Oppenheimer to retire in September, Luca Maestri to take over”

  1. Can’t wait till Tim Cook retires. What an idiot.

    Like

  2. themis333 says:

    Reblogged this on Taste of Apple and commented:
    He has done a great job. He will be missed, but everyone needs time with family.

    Like

  3. fr33z33 says:

    Guys, please please get your facts straight. Nokia Siemens Networks (now Nokia Solutions and Networks) has ZERO to do with Nokia the handset business. Given this fact, Maestri’s departure there is unrelated to any OS decisions at Nokia.

    Like