Apple CFO to retire; ex-NSN CFO to take the helm

iPhone maker Apple has announced that its senior vice president and CFO Peter Oppenheimer will retire at the end of September this year.

He will be replaced by current vice president of finance and corporate controller Luca Maestri, who prior to joining Apple held the role of CFO at network infrastructure vendor Nokia Siemens Networks (now Nokia Solutions and Networks) as well as document management firm Xerox.

Oppenheimer will begin to transition his responsibilities to Maestri in June in order to provide the firm with a seamless transition. He has been CFO at Apple for the past decade; a period in which the firm expanded its global footprint and saw its annual revenue grow from $8bn to $171bn.

In his role as CFO, Oppenheimer currently oversees the controller, treasury, investor relations, tax, information systems, internal audit and facilities functions.

Maestri joined Apple in March last year and has since managed most of Apple’s financial functions, working closely with its senior management team, according to the firm. He began his career with General Motors, where he spent 20 years in finance and operating roles in the Americas, Asia-Pacific and Europe. His final role at the car manufacturer was as CFO for Europe, overseeing a territory of 45 countries generating annual net revenue of around $40bn, according to the firm.

“When we were recruiting for a corporate controller, we met Luca and knew he would become Peter’s successor,” said Apple CEO Tim Cook. “His contributions to Apple have already been significant in his time with us and he has quickly gained respect from his colleagues throughout the company.”

Maestri’s experience at NSN will likely be drawn upon in his role as CFO. His knowledge of the network infrastructure space could prove valuable as Apple infamously has a policy of independently testing and approving mobile operators’ LTE networks before allowing its devices to run on them. His 20 years at General Motors could also give Apple important insight into the automotive market, as the firm gears up to launch its connected car initiative, Apple CarPlay, which it announced earlier this week.

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