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.

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