Apple Inc. (NASDAQ:AAPL) just announced today that Luca Maestri has officially made the transition to his new job as chief financial officer. He succeeds Peter Oppenheimer.

luca maestri Apple

Apple’s new CFO

Maestri is taking over Peter Oppenheimer’s job as Chief Financial Officer and Senior Vice President. Maestri, who has been with the company since April 2013, will fold his previous position as Principle Accounting Officer into his new position. It was first announced in March that Maestri would take over Oppenheimer’s role sometime in 2014.

Apple Inc. (NASDAQ:AAPL)’s chief executive officer Tim Cook elaborated, “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 Inc. (NASDAQ:AAPL) doesn’t miss a beat.”

Maestri’s previous experience

Cook has also previously offered praise to Maestri. He focused on the executive’s international experience and the fact he spent over 25 years in senior financial management. Cook added that when he met Maestri, he knew he would be Oppenheimer’s successor. He also mentioned that Maestri has already made significant contributions and garnered much respect throughout the company. Since Oppenheimer left the company with such a large cash balance, the new CFO will have his work cut out for him.

It sounds like an exciting new era for Apple Inc. (NASDAQ:AAPL) and Maestri.