Apple Inc. (AAPL) CFO To Retire In Sept, Maestri Named As Replacement

Apple Inc. (AAPL) CFO To Retire In Sept, Maestri Named As Replacement

Apple Inc. (NASDAQ:AAPL)’s current chief financial officer and senior vice president Peter Oppenheimer is set to retire in September. He will be replaced by Luca Maestri, who is the current corporate controller and senior vice president of finance for Apple. Oppenheimer will hand over his role to Maestri in June to ensure a seamless transition.

Play Quizzes 4

Oppenheimer’s history and legacy with Apple will be remembered

Tim Cook (chief executive officer for Apple) said, “Peter has served as our CFO for the past decade as Apple Inc. (NASDAQ:AAPL)’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…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.”

This Long/ Short Equity Firm Sees A Time-Arbitrage Opportunity In This Pest Control Merger

PestYost Partners was up 0.8% for the first quarter, while the Yost Focused Long Funds lost 5% net. The firm's benchmark, the MSCI World Index, declined by 5.2%. The funds' returns outperformed their benchmark due to their tilt toward value, high exposures to energy and financials and a bias toward quality. In his first-quarter letter Read More

Oppenheimer’s position as CFO mean he oversees the controller, tax, treasury, investor relations, internal audit, information systems, and facilities function. He joined Apple’s team in 1996 as the controller and a year later was promoted to senior vice president and Worldwide sales controller. When he was named CFO, he became corporate controller.

Maestri’s impressive resume

Maestri has been in the finance industry for 25 years. He joined Apple Inc. (NASDAQ:AAPL) last year as corporate controller. Prior to that he was the chief financial officer for Xerox and Siemens Network. He also handled the finances for General Motors for 20 years.

Cook also sang Maestri’s praises: “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 Inc. (NASDAQ:AAPL). 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.”

Maestri’s extensive international background also made him an attractive choice as CFO. He spent much of his time living and working in Ireland, Germany, Brazil, Switzerland, Singapore, Thailand, Brazil, Italy, and Poland.

Updated on

No posts to display