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Apple CFO Peter Oppenheimer to retire in September

updated 09:59 am EST, Tue March 4, 2014

News comes one day after appointment to Goldman Sachs board

In a surprise announcement, Apple has announced that its chief financial officer, Peter Oppenheimer, will retire at the end of September. His replacement will be Luca Maestri, currently the company's VP of Finance and its corporate controller, who handled portions of the previous quarterly results presentation. A transition period is set to begin in June.

"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," reads a prepared statement by CEO Tim Cook. "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," Cook continues. "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."

The news comes just a day after Oppenheimer was appointed to the board of Goldman Sachs. It's unknown how the two changes are related, but since Oppenheimer is retiring, serving on corporate boards will be a way of generating supplemental income and leveraging his lengthy experience without the pressures of a full-time job.




by MacNN Staff

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Comments

  1. jdonahoe

    Junior Member

    Joined: 07-05-06

    He needs livable income after working for Apple for ten years? A board position is chump change, he had to have stock options with Apple.

  1. Charles Martin

    MacNN Editor

    Joined: 08-04-01

    Agreed, I'll change that to something else. As for Maestri, he actually handled some of the last investor call, so this looks to be a smooth transition.

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