In an SEC filing today, Apple announced that Luca Maestri has officially transitioned into the Chief Financial Officer and Senior Vice President role. His first official day on the job was yesterday, May 29th. Maestri is not yet on Apple’s executive biographies page, but an official profile will likely go live in the coming days. Apple says that Maestri’s previous job as Principle Accounting Officer will be folded into his CFO role.
Maestri, previously Corporate Controller and a Vice President at Apple, replaces long-time CFO Peter Oppenehimer. The transition was announced by Apple earlier this year. Oppenheimer will shift his remaining responsibilities to Maestri over the course of the next few months and completely retire from Apple at the end of September of this year. As part of his promotion, Maestri will now receive an annual salary of $1 million and new stock-based payment packages:
In connection with Mr. Maestri’s appointment as CFO, he will receive an annual salary of $1 million and will be eligible to participate in Apple’s performance-based cash bonus program for executive officers on a pro rata basis for fiscal 2014. Also in connection with his appointment, the Compensation Committee of Apple’s Board of Directors awarded Mr. Maestri 6,337 restricted stock units under Apple’s 2014 Employee Stock Plan. 1,137 restricted stock units are scheduled to vest on October 1, 2015 and 1,107 restricted stock units are scheduled to vest on October 1, 2016. In each case, between 0% and 200% of the scheduled number of units may vest, with the percentage determined based on Apple’s relative total shareholder return from May 29, 2014 through September 26, 2015 and from May 29, 2014 through September 24, 2016, respectively. The award also includes 4,093 restricted stock units scheduled to vest in equal installments on each of May 29, 2016, May 29, 2017, and May 29, 2018, subject to continued employment through the applicable vesting dates.
Before joining Apple, Maestri was CFO of Xerox. Maestri has joined Apple CEO Tim Cook on the past two Apple quarterly earnings conference calls, and Apple investors have shown a liking to the new CFO.
“Luca has over 25 years of global experience in senior financial management, including roles as a public company CFO, and I am confident he will be a great CFO at Apple,” Cook stated for the initial announcement. “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,” he added.
Cook has praised Maestri’s work as well as his international experience. As Apple moves to continue to grow in international markets, Maestri’s vast experience will be critical. Oppenheimer leaves behind a large cash balance which Maestri will handle, and the new CFO has already taken part in the creation of Apple’s latest cash return program for stock holders.
A separate filing today with the SEC indicates that Apple’s Senior Vice President of Hardware Engineering Dan Riccio has sold 613 of his Apple shares. Earlier today, Apple VP of Corporate Communications Katie Cotton finished up her long tenure at Apple and will retire.