Summary:

Apple’s senior vice president and CFO Peter Oppenheimer will retire at the end of September.

Peter Oppenheimer
photo: Apple

Apple on Tuesday announced that Peter Oppenheimer, the company’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 as CFO.

Tim Cook, Apple CEO, said the following 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.”

Oppenheimer started with Apple in 1996 as controller for the Americas, was promoted to vice president and Worldwide Sales controller in 1997 and later became the corporate controller prior to being named CFO. As CFO, he oversees the controller, information systems, internal audit and facilities functions, investor relations, tax and treasury. He also managed facilities expansion, including the addition of four data centers and Apple’s new campus in Cupertino. The company’s annual revenue has increased twentyfold during his time as CFO.

Luca Maestri, Oppenheimer’s successor, has been with Apple since March 2013. He has previously served as CFO for GM, Nokia Siemens Networks and Xerox.

“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 said. “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.”

The change will take place when Oppenheimer retires at the end of September. Oppenheimer won’t be taking it easy, though: Goldman Sachs announced Monday that Oppenheimer has joined its board of directors.

This post was updated several times as more information became available.

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