Peter Oppenheimer To Retire From Apple In SeptemberBy: Zach Walton - March 4, 2014
It’s rare to see departures from Apple on the executive level, but they do happen. In fact, Apple’s longtime SVP and CFO is retiring this year.
Apple announced today that Peter Oppenheimer, its senior vice president and CFO, will be retiring in September. Before that, he’ll begin transferring his duties to his successor, Luca Maestri, in June. Maestri is currently Apple’s vice president of Finance and corporate controller.
“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 joined Apple in 1996 as controller for the Americas, but was soon promoted to vice president and Worldwide Sales controller in 1997. From there, he moved to corporate controller before becoming CFO.
As for his successor, Maestri began his career at General Motors where he served in various finance and operating roles for 20 years. He has also served as CFO at Nokia Siemens Network and Xerox before joining Apple in March 2013.
“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,” said Cook. “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.”
After leaving Apple, Oppenheimer will focus on family and his new position on the Board of Directors for Goldman Sachs.
Image via Cupertino CityChannel/YouTube