Apple’s Peter Oppenheimer to retire, Luca Maestri to be new CFO

4 Mar 2014

Apple's outgoing senior-vice president and CFO Peter Oppenheimer

Peter Oppenheimer, Apple’s senior-vice president and CFO, will retire at the end of September. Luca Maestri, Apple’s vice-president of finance and corporate controller, will succeed Oppenheimer.

The transitioning of Maestri to the role of CFO will begin in June and will be completed upon Oppenheimer’s retirement.

“Peter has served as our CFO for the past decade as Apple’s annual revenue grew from US$8bn to US$171bn and our global footprint expanded dramatically,” said Tim Cook, Apple CEO.

“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.

“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,” Cook said.

20-fold revenue growth

Oppenheimer, who has overseen a 20-fold growth in Apple’s revenue, started with Apple in 1996 as controller for the Americas, and in 1997 was promoted to vice-president and worldwide sales controller and then promoted to corporate controller prior to being named CFO.

“I love Apple and the people I have had the privilege to work with and after 18 years here, it is time for me to take time for myself and my family,” said Oppenheimer.

“For quite some time, I have wanted to live on the central coast of California and get more involved at Cal Poly, my alma mater; spend more time with my wife and sons; travel to interesting parts of the world; and something I have wanted to do for years – finish the requirements for my pilot’s licence.”

Maestri has more than 25 years of global experience in senior financial management, including being CFO at both Xerox and Nokia Siemens Networks. He joined Apple last year, managing most of Apple’s financial functions.

“When we were recruiting for a corporate controller, we met Luca and knew he would become Peter’s successor,” Cook said.

“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.” 

John Kennedy is a journalist who served as editor of Silicon Republic for 17 years