Controller Was Apple CFO’s Successor All Along

The tech giant's corporate controller, Luca Maestri, will take over the CFO role later this year from Peter Oppenheimer.
Marielle SegarraMarch 5, 2014

Long-time Apple CFO Peter Oppenheimer will step down in September, after 18 years at the company. Oppenheimer helped Apple earn “record profit and [build] a significant pile of cash,” according to the New York Times.

Image representing Apple as depicted in CrunchBase CFO

Image via CrunchBase

He’ll be replaced by Luca Maestri, corporate controller at Apple. As the former CFO of General Motors in Europe, Maestri has significant international experience. He has lived and worked in Italy, Poland, Ireland, Switzerland, Singapore, Thailand, Brazil and Germany, along with the United States, according to a statement from Apple CEO Tim Cook. Maestri is also a former CFO at Xerox and at Nokia Siemens Networks.

As the Wall Street Journal points out, Maestri took a risk when he joined the company last year, jumping from a CFO position at Xerox to the controller job at the tech behemoth. But in his statement, Cook wrote that Apple always knew Maestri would be the firm’s next CFO. “When we were recruiting for a corporate controller, we met Luca and knew he would become Peter’s successor,” Cook wrote. “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.” 

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Cook added that Oppenheimer’s “guidance, leadership and expertise have been instrumental to Apple’s success, not only as our CFO but also in many areas beyond finance … His contributions and integrity as our CFO create[d] a new benchmark for a public company CFO.” During Oppenheimer’s time on the job, Apple’s annual revenue grew from $8 billion to $171 billion.