Apple Adjustments: Executive Departures and New Responsibilities

Apple campus

Apple’s (NASDAQ:AAPL) executive team welcomed some new members and also said goodbye to some well-known faces recently. While the senior position shifts were expected after previously announced retirement plans, there were also some structural changes that are the direct result of Apple’s recently confirmed $3 billion acquisition of Beats Electronics. Here’s the latest on the recent employee shifts and corporate restructuring at the Cupertino-based company.

Perhaps the most important employee change to occur recently is the official appointment of Luca Maestri as the company’s new chief financial officer, or CFO, on May 29. Maestri replaced Peter Oppenheimer, who has been the CFO of Apple over the past ten years. Apple formally announced the change in CFOs in an 8-K regulatory filing made with the Securities and Exchange Commission on May 30. According to the filing, Maestri will receive an annual salary of $1 million and was awarded 6,337 restricted stock units as part of his appointment. The RSUs are scheduled to vest a various times over the next four years.

The appointment of Maestri comes as no surprise, since Apple announced the plans for the transition in March of this year. As noted by Apple, “Mr. Oppenheimer will transition the balance of his responsibilities over the summer until his planned retirement at the end of September.” Oppenheimer’s retirement will come after eighteen years with Apple. On the other hand, Maestri is relatively new to Apple after joining the company in March 2013. However, as noted by 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.”