Apple CFO Peter Oppenheimer to Retire, Luca Maestri to Take Over

Apple CFO Peter Oppenheimer will be retiring from the company in September and will start transitioning his responsibilities to Corporate Controller Luca Maestri in June. Mr. Oppenheimer has been a part of Apple since 1996 and has served as CFO for the past ten years.

Luca Maestri (left) to replace Peter Oppenheimer (right) as Apple CFOLuca Maestri (left) to replace Peter Oppenheimer (right) as Apple CFO

Company CEO Tim Cook said in a statement,

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.

Mr. Oppenheimer's replacement, Luca Maestri started working for Apple in March 2013 as Corporate Controller. Mr. Cook said it was clear he would be Mr. Oppenheimer's successor when they first met.

Mr. Maestri has served as CFO for GM, Nokia Siemens and Xerox, and has over 25 years experience. He has been handling most of Apple's financial functions since joining the company.

Chuck Jones speculated that Mr. Oppenheimer's retirement announcement was coming soon, and even thought it could come during Apple's annual shareholder meeting at the end of last week. He also said Mr. Maestri would become Apple's new CFO.

Mr. Jones was off by only a few days because the announcement is coming now instead of during the shareholder meeting.

Mr. Oppenheimer said he's retiring to pursue personal interests, which include traveling with his family and completing his pilot's license. He also recently joined the board of directors for Goldman Sachs.

It's clear that even though a clear succession plan is in place, Mr Oppenheimer will be missed.

"Peter is also a dear friend I always knew I could count on," Mr. Cook said. "Although I am sad to see him leave, I am happy he is taking time for himself and his family."