Peter Oppenheimer, Apple’s (NASDAQ:AAPL) senior vice president and chief financial officer, is retiring, the company announced Tuesday. Oppenheimer will be replaced by Apple’s vice president of finance and corporate controller, Luca Maestri, who will take over the role beginning in June. Oppenheimer will leave at the end of September and gradually transfer his responsibilities to Maestri.
The 51-year-old first joined Apple in 1996 as a controller of the Americas and has been a fixture with the company ever since, according to the company. In 1997 he was promoted to worldwide sales controller and then to corporate controller. He eventually became CFO in 2004, replacing the retiring Fred D. Anderson.
Oppenheimer cites as his reasons for retiring that he would like to live on the central coast of California in order to spend more time with his family, involve himself with his alma mater (California Polytechnic State University San Luis Obispo), as well as to travel more and finally secure his pilot’s license, TechCrunch reports.
During Oppenheimer’s nearly 10-year tenure as financial chief at Apple, the company’s annual revenue has increased to $171 billion from just $8 billion. He has also helped to manage cash holdings of more than $150 billion, the Wall Street Journal reports.
“His guidance, leadership and expertise have been instrumental to Apple’s success, not only as our CFO but also in many areas beyond finance, as he frequently took on additional activities to assist across the company,” Apple CEO Tim Cook said in a press release. “His contributions and integrity as our CFO create a new benchmark for public company CFOs.”
But Oppenheimer’s retirement isn’t the only reason he’s been making headlines: Just last week, he was named to the board of Goldman Sachs (NYSE:GS) as an independent director.
Oppenheimer’s replacement doesn’t boast the outgoing CFO’s 18-year tenure with the company. Maestri joined Apple just a year ago, last March, although his resume includes three different roles as CFO spanning a 20-year period, beginning at General Motors and then at Xerox and the Nokia Siemens Network, according to the Wall Street Journal.
Since he was hired at Apple, Maestri has worked closely with Apple’s senior leadership and managed most of the company’s financial functions. At the time of his hiring, analysts speculated that Apple might be plotting a succession strategy, and it seems that was indeed the case.