Apple’s Peter Oppenheimer to Retire at the End of September
CUPERTINO, California—March 4, 2014—Apple® right now declared that Peter Oppenheimer, Apple’s senior vice president and CFO, will retire at the finish of September. Luca Maestri, Apple’s vice president of Finance and company controller, will triumph Peter as CFO reporting to Apple CEO, Tim Prepare dinner. Peter will changeover the CFO purpose to Luca in June and the stability of his duties above the remaining time making it possible for for a expert and seamless changeover.
“Peter has served as our CFO for the previous decade as Apple’s once-a-year profits grew from $8 billion to $171 billion and our world footprint expanded substantially. His advice, leadership and expertise have been instrumental to Apple’s results, not only as our CFO but also in many locations outside of finance, as he often took on added routines to guide throughout the firm. His contributions and integrity as our CFO build a new benchmark for general public company CFOs,” stated Tim Cook dinner, Apple CEO. “Peter is also a dear close friend I usually realized I could depend on. While I am sad to see him depart, I am pleased he is using time for himself and his family. As all of us who know him would have predicted, he has produced a specialist succession plan to guarantee Apple does not overlook a defeat.”
“Luca has around 25 decades of world wide expertise in senior fiscal management, like roles as a public business CFO, and I am assured he will be a excellent CFO at Apple,” additional Tim. “When we were recruiting for a company controller, we achieved Luca and realized he would turn out to be Peter’s successor. His contributions to Apple have presently been considerable in his time with us and he has swiftly gained respect from his colleagues in the course of the organization.”
“I enjoy Apple and the men and women I have experienced the privilege to get the job done with and just after 18 many years listed here, it is time for me to consider time for myself and my family,” said Peter Oppenheimer. “For really some time, I have wanted to reside on the central coast of California and get much more involved at Cal Poly, my alma mater commit additional time with my spouse and sons journey to fascinating areas of the environment and a thing I have desired to do for years— complete the needs for my pilot’s license.”
As CFO, Peter oversees the controller, treasury, investor relations, tax, info methods, inside audit and services capabilities. He started with Apple in 1996 as controller for the Americas, and in 1997 was promoted to vice president and Globally Profits controller and then promoted to corporate controller prior to remaining named CFO. As Apple’s yearly earnings has grown more than twentyfold during his time as CFO, Peter has overseen development of a disciplined international economic method, robust systems and procedures, and a extremely powerful equilibrium sheet. Less than his management, Apple has crafted a earth-class finance group. Peter has managed services enlargement which include the addition of four details centers and Apple’s new campus in Cupertino, all of which will be powered by renewable vitality.
Peter also a short while ago joined the Board of Administrators of Goldman Sachs.
Luca has deep understanding in all of the main elements of finance with above 25 yrs of experience building and major finance teams in global organizations with substantial operating scale and complexity. Prior to becoming a member of Apple, Luca was CFO at both equally Nokia Siemens Networks and Xerox. Due to the fact becoming a member of Apple in March 2013, Luca has managed most of Apple’s monetary functions and done an great work leading them, although also functioning intently with Apple’s senior management.
Luca commenced his profession with Standard Motors and invested 20 yrs in finance and running roles in the Americas, Asia Pacific and Europe. Even though at GM, Luca had a lot of considerable assignments setting up and operating the small business. He was aspect of the staff that recognized GM’s regional functions in Asia Pacific, together with producing investments in China and Thailand. He was later on CFO of the team that restructured operations in Brazil and Argentina and returned the area to profitability. His very last part at GM was CFO for all of GM’s functions in Europe, which spanned over 45 international locations with annual internet income of around $40 billion.
Luca has an exceptionally broad international track record, with time invested dwelling and operating in Italy, Poland, Ireland, Switzerland, Singapore, Thailand, Brazil and Germany, as properly as the U.S.
Luca graduated from Luiss University in Rome with a bachelor’s diploma in Economics and received a master’s degree in Science of Administration from Boston University.