NEW DELHI: Apple on Tuesday announced that Peter Oppenheimer, the company’s senior vice president and CFO, will retire at the end of September. Luca Maestri, Apple’s vice president of finance and corporate controller, will succeed Oppenheimer as CFO. He will report to Tim Cook.
In a note to media, Apple said that Oppenheimer would transition the CFO role to Luca in June and the balance of his responsibilities over the remaining time, allowing for a seamless transition.
“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,” said Tim Cook, Apple’s 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.”
Oppenheimer, who joined Apple in 1996, was one of the most recognizable faces among Apple’s executive team. While it is easy to credit Apple’s success to Steve Jobs, Jony Ive, the man behind Apple’s iconic product designs, and Tim Cook, who created a fantastic supply chain, Oppenheimer was equally responsible for the company’s success. He was a regular at earnings calls every quarter and was widely credited for expertly managing Apple’s global financial strategy.
While Oppenheimer’s departure is not likely to impact Apple in any significant way, it marks the beginning of the end for Apple’s old leadership. After losing Steve Jobs in 2011, Apple also saw Scott Forstall, its charismatic software chief, leave the company in 2012. Forstall was hired by Jobs in 1992 for NeXT and when Jobs came to Apple, Forstall came with him.
Apple also lost Ron Johnson, its chief of retail operations who had joined the company in 2000, in 2011.
Oppenheimer said he was retiring to spend more time with his family. “I love Apple and the people I have had the privilege to work with and after 18 years here, it is time for me to take time for myself and my family,” said Peter Oppenheimer. “For quite some time, I have wanted to live on the central coast of California and get more involved at Cal Poly, my alma mater; spend more time with my wife and sons; travel to interesting parts of the world; and something I have wanted to do for years — finish the requirements for my pilot’s license.”
Oppenheimer recently joined the board of directors of Goldman Sachs.
Cook said that Maestri would be a “great CFO”. He said, “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. When we were recruiting for a corporate controller, we met Luca and knew he would become Peter’s successor.