Luca Maestri takes over as the Chief Financial Officer and Senior Vice President at Apple. In an SEC filing today Apple announced he will also continue to serve as Apple’s Principal Accounting Officer besides taking the new role. Luca Maestri succeeds Peter Oppenheimer in the role of CFO who is due for retirement by end of September this year. Peter Oppenehimer has been with Apple since 1996 and has played an instrumental role in growing Apple. According to Tim Cook, “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.”
Before Peter Oppenehimer retires in september he will shift his remaining responsibilities to Maestri. For his new role, Maestri will receive an annual salary of $1 million and new stock-based payment packages:
In connection with Mr. Maestri’s appointment as CFO, he will receive an annual salary of $1 million and will be eligible to participate in Apple’s performance-based cash bonus program for executive officers on a pro rata basis for fiscal 2014. Also in connection with his appointment, the Compensation Committee of Apple’s Board of Directors awarded Mr. Maestri 6,337 restricted stock units under Apple’s 2014 Employee Stock Plan. 1,137 restricted stock units are scheduled to vest on October 1, 2015 and 1,107 restricted stock units are scheduled to vest on October 1, 2016. In each case, between 0% and 200% of the scheduled number of units may vest, with the percentage determined based on Apple’s relative total shareholder return from May 29, 2014 through September 26, 2015 and from May 29, 2014 through September 24, 2016, respectively. The award also includes 4,093 restricted stock units scheduled to vest in equal installments on each of May 29, 2016, May 29, 2017, and May 29, 2018, subject to continued employment through the applicable vesting dates.
Luca Maestri has over 25 years of experience building and leading finance teams in global companies. Before joining Apple in March 2013, Luca was CFO at both Nokia Siemens Networks and Xerox. Luca started his career with General Motors and spent almost 20 years in finance and operating roles in the Americas, Asia Pacific and Europe.
Tim Cook has praised Luca Maestri’s work besides his international experience:
“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,” added Tim. “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.”
Image: Courtesy of Macrumors