Apple’s Oppenheimer to retire in September

March 05, 2014 - 12:47:16 am
New York: Apple Inc said Chief Financial Officer Peter Oppenheimer will retire at the end of September, handing over to Corporate Controller Luca Maestri in what Chief Executive Tim Cook described as an orderly succession put in place by his CFO.

Oppenheimer, 51, who joined Apple in 1996 and has been CFO since 2004, will start handing over in June to Maestri, who joined in 2013 from Xerox Corp. “When we were recruiting for a corporate controller, we met Luca and knew he would become Peter’s successor,” Cook said.

Maestri, a 50-year-old born in Italy, spent 20 years at General Motors where he worked as CFO of several units including GM Europe. Before joining Xerox, he was CFO of network equipment maker Nokia Siemens Networks.

“The transition doesn’t come as too much of a surprise to us as Maestri left his position as Xerox’s CFO to become Apple’s corporate controller, which we felt was an indication that there must be an eventual path to CFO,” Wells Fargo Securities analyst Maynard Um said in a research note.

“While we view Oppenheimer’s retirement as a loss to the company, we expect the transition to be fairly seamless.”

Oppenheimer, who was named to the board of Goldman Sachs Group Inc on Monday, said he would use some of his free time to complete his pilot’s licence.

Cross Research analyst Shannon Cross said Oppenheimer’s move had nothing to do with his new role at Goldman Sachs.

“There is nothing there. 

This was absolutely a 100 percent planned transition,” Cross said.