Apple’s Peter Oppenheimer to Retire at the Conclude of September
CUPERTINO, California—March 4, 2014—Apple® these days announced that Peter Oppenheimer, Apple’s senior vice president and CFO, will retire at the conclude of September. Luca Maestri, Apple’s vice president of Finance and company controller, will triumph Peter as CFO reporting to Apple CEO, Tim Cook dinner. Peter will changeover the CFO function to Luca in June and the balance of his duties above the remaining time making it possible for for a skilled and seamless changeover.
“Peter has served as our CFO for the previous decade as Apple’s yearly revenue grew from $8 billion to $171 billion and our world-wide footprint expanded considerably. His guidance, management and experience have been instrumental to Apple’s accomplishment, not only as our CFO but also in a lot of locations further than finance, as he usually took on additional pursuits to support across the firm. His contributions and integrity as our CFO build a new benchmark for public firm CFOs,” mentioned Tim Cook dinner, Apple CEO. “Peter is also a dear friend I constantly realized I could rely on. While I am unhappy to see him go away, I am delighted he is having time for himself and his spouse and children. As all of us who know him would have envisioned, he has produced a expert succession strategy to make sure Apple does not miss out on a defeat.”
“Luca has around 25 decades of worldwide practical experience in senior economical administration, such as roles as a community firm CFO, and I am self-assured he will be a great CFO at Apple,” extra Tim. “When we had been recruiting for a company controller, we satisfied Luca and knew he would come to be Peter’s successor. His contributions to Apple have currently been substantial in his time with us and he has immediately attained respect from his colleagues in the course of the organization.”
“I love Apple and the people I have experienced the privilege to do the job with and following 18 decades here, it is time for me to acquire time for myself and my relatives,” claimed Peter Oppenheimer. “For very some time, I have required to are living on the central coast of California and get a lot more included at Cal Poly, my alma mater commit additional time with my wife and sons travel to appealing areas of the earth and one thing I have needed to do for years— end the necessities for my pilot’s license.”
As CFO, Peter oversees the controller, treasury, trader relations, tax, details devices, inside audit and services functions. He began with Apple in 1996 as controller for the Americas, and in 1997 was promoted to vice president and Around the globe Product sales controller and then promoted to company controller prior to currently being named CFO. As Apple’s once-a-year earnings has grown a lot more than twentyfold during his time as CFO, Peter has overseen development of a disciplined world wide fiscal technique, sturdy techniques and strategies, and a extremely solid equilibrium sheet. Beneath his leadership, Apple has developed a entire world-class finance workforce. Peter has managed amenities enlargement such as the addition of four knowledge facilities and Apple’s new campus in Cupertino, all of which will be run by renewable energy.
Peter also not too long ago joined the Board of Administrators of Goldman Sachs.
Luca has deep expertise in all of the main aspects of finance with about 25 decades of practical experience making and primary finance teams in global providers with significant running scale and complexity. Prior to joining Apple, Luca was CFO at both Nokia Siemens Networks and Xerox. Because becoming a member of Apple in March 2013, Luca has managed most of Apple’s monetary capabilities and finished an exceptional occupation main them, even though also doing the job intently with Apple’s senior leadership.
Luca commenced his vocation with Basic Motors and invested 20 a long time in finance and working roles in the Americas, Asia Pacific and Europe. Though at GM, Luca had lots of significant assignments setting up and operating the small business. He was portion of the workforce that established GM’s regional functions in Asia Pacific, together with producing investments in China and Thailand. He was later CFO of the crew that restructured operations in Brazil and Argentina and returned the area to profitability. His past position at GM was CFO for all of GM’s functions in Europe, which spanned over 45 international locations with yearly internet profits of approximately $40 billion.
Luca has an extremely wide worldwide qualifications, with time invested living and working in Italy, Poland, Ireland, Switzerland, Singapore, Thailand, Brazil and Germany, as nicely as the U.S.
Luca graduated from Luiss University in Rome with a bachelor’s degree in Economics and been given a master’s diploma in Science of Administration from Boston University.