Business

Apple finance chief retiring in September

PETER OPPENHEIMER
PETER OPPENHEIMER

Peter Oppenheimer, Apple’s senior vice president and chief financial officer, will retire in September, after 18 years at the technology giant.

Luca Maestri, the company’s vice president of finance and corporate controller, who started at Apple last spring, will succeed Oppenheimer.

Oppenheimer, who joined Apple in 1996, has been its chief financial officer for the past 10 years. Oppenheimer was awarded a $68.6 million compensation package in fiscal year 2012 and was the highest-paid of his financial officer peers that year, according to data compiled by Bloomberg News.

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In a statement, Tim Cook, Apple’s chief executive, credited Oppenheimer with overseeing the company’s finances during a period of significant international expansion and revenue growth. Under his watch, revenues increased more than 2,000 percent to more than $170 billion, from $8 billion.

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“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,” Oppenheimer said in a statement.

His successor, Maestri, who has deep international experience, previously worked as chief financial officer for both Nokia Siemens Networks and Xerox. Maestri will move into the chief financial officer role this summer, the company said, allowing for a smoother transition.

Bloomberg News