AAPL Stock: 118.03 ( -0.85 )

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Maestri officially takes over as Apple CFO from Oppenheimer

updated 10:39 pm EDT, Fri May 30, 2014

Awarded annual $1 million salary, will also receive stock based on performance

As of Friday, Apple has officially installed Luca Maestri as its chief financial officer, according to filings with the Securities and Exchange Commission. Maestri, who has been active in the role since January, has been taking over outgoing CFO Peter Oppenheimer's duties on a transitional basis since January of this year. The transition period will continue until September, but the SEC filing is an official notice of a change in officers of the company.

Maestri will also continue his previous role as Principal Accounting Officer in addition to his duties as CFO, the first time those jobs have been done by the same person. He will receive an annual $1 million salary and, as a senior VP, will be eligible for the company's performance-based bonus program.

Maestri, who has been with Apple a little over a year, will also receive a total of 6,337 restricted stock units (RSUs) doled out over the next few years, as long as he remains employed by Apple. The RSUs are currently worth around $4 million, but aren't being issued ahead of a 7:1 stock split scheduled for Monday. Indeed, Maestri will need to remain until at least 2018 to collect the full number of RSUs, and the awarding of them is tied to the company's stock performance.

The first set of 1,137 RSUs will vest on October 1, 2015 based on AAPL performance, with the second batch of the same amount following a year later. Because they are tied to the company's stock performance, Maestri could see anywhere between zero and 200 percent of the RSUs for the period in question. The final sets of RSUs will vest on the anniversary of his appointment (May 29) in 2016, 2017 and 2018, based on continued employment and company performance.

by MacNN Staff



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