Apple’s Peter Oppenheimer to Retire at the Stop 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 end of September. Luca Maestri, Apple’s vice president of Finance and corporate controller, will realize success Peter as CFO reporting to Apple CEO, Tim Cook dinner. Peter will transition the CFO function to Luca in June and the harmony of his obligations around the remaining time allowing for for a qualified and seamless transition.
“Peter has served as our CFO for the past 10 years as Apple’s annual revenue grew from $8 billion to $171 billion and our world wide footprint expanded considerably. His steerage, leadership and experience have been instrumental to Apple’s achievement, not only as our CFO but also in numerous areas beyond finance, as he routinely took on supplemental activities to help throughout the enterprise. His contributions and integrity as our CFO create a new benchmark for general public corporation CFOs,” reported Tim Cook dinner, Apple CEO. “Peter is also a pricey buddy I constantly knew I could count on. Despite the fact that I am unfortunate to see him go away, I am satisfied he is getting time for himself and his spouse and children. As all of us who know him would have envisioned, he has created a specialist succession strategy to make sure Apple does not overlook a defeat.”
“Luca has about 25 decades of world knowledge in senior economical management, including roles as a general public organization CFO, and I am self-confident he will be a wonderful CFO at Apple,” additional Tim. “When we ended up recruiting for a corporate controller, we achieved Luca and knew he would come to be Peter’s successor. His contributions to Apple have previously been sizeable in his time with us and he has quickly attained respect from his colleagues through the enterprise.”
“I appreciate Apple and the folks I have had the privilege to get the job done with and following 18 years here, it is time for me to choose time for myself and my loved ones,” stated Peter Oppenheimer. “For fairly some time, I have required to are living on the central coast of California and get extra included at Cal Poly, my alma mater expend far more time with my spouse and sons travel to attention-grabbing elements of the planet and something I have wanted to do for years— end the specifications for my pilot’s license.”
As CFO, Peter oversees the controller, treasury, investor relations, tax, information and facts methods, inside audit and facilities functions. He started with Apple in 1996 as controller for the Americas, and in 1997 was promoted to vice president and Throughout the world Product sales controller and then promoted to company controller prior to remaining named CFO. As Apple’s annual income has developed far more than twentyfold in the course of his time as CFO, Peter has overseen enhancement of a disciplined world fiscal strategy, strong methods and treatments, and a pretty strong harmony sheet. Underneath his management, Apple has constructed a world-course finance team. Peter has managed services enlargement including the addition of four details facilities and Apple’s new campus in Cupertino, all of which will be driven by renewable vitality.
Peter also not too long ago joined the Board of Administrators of Goldman Sachs.
Luca has deep awareness in all of the major facets of finance with more than 25 a long time of practical experience making and leading finance teams in world wide businesses with major working scale and complexity. Prior to becoming a member of Apple, Luca was CFO at each Nokia Siemens Networks and Xerox. Due to the fact joining Apple in March 2013, Luca has managed most of Apple’s fiscal capabilities and performed an great work top them, although also doing work intently with Apple’s senior management.
Luca started his job with Standard Motors and used 20 a long time in finance and operating roles in the Americas, Asia Pacific and Europe. Even though at GM, Luca had several important assignments building and functioning the small business. He was aspect of the crew that established GM’s regional operations in Asia Pacific, such as manufacturing investments in China and Thailand. He was later on CFO of the crew that restructured functions in Brazil and Argentina and returned the area to profitability. His last job at GM was CFO for all of GM’s functions in Europe, which spanned more than 45 countries with once-a-year net profits of about $40 billion.
Luca has an exceptionally wide worldwide qualifications, with time spent residing and performing 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 Management from Boston University.