Apple officially appoints new CFO Luca Maestri as Peter Oppenheimer transitions out

Posted:
in General Discussion edited June 2014
In a filing with the U.S. Securities and Exchange Commission on Friday, Apple announced it officially appointed Luca Maestri as its new Senior Vice President and Chief Financial Officer on May 29. Maestri succeeds longtime finance chief Peter Oppenheimer.

ControllerApple's new CFO Luca Maestri.


Apple first revealed Maestri would be taking over for Oppenheimer in March as part of a planned CFO transition period set to run through the end of September. Today's SEC filing serves as official notice of Maestri's new position.

According to Apple, Maestri will continue to serve as the company's Principal Accounting Officer alongside his duties as CFO, meaning the former Xerox and General Motors finance guru will have a bit more on his plate than the outgoing Oppenheimer.

Maestri, who joined Apple in 2013, will receive an annual salary of $1 million and is now eligible for Apple's performance-based cash bonus program that is doled out on a pro rata basis for fiscal 2014.

A separate SEC filing shows Apple's board of directors awarded Maestri 6,337 restricted stock units currently worth some $4 million as part of the new assignment. A first set of 1,137 RSUs is scheduled to vest on Oct. 1, 2015 based on AAPL stock performance, while a second batch of 1,107 RSUs is set to vest on Oct. 1, 2016. Between zero and 200 percent of the number of units scheduled to vest at each interval will do so as determined by shareholder return for that period.

The remaining 4,093 RSUs will vest in equal installments on May 29, 2016, May 29, 2017 and May 29, 2018, subject to continued employment through the vesting dates. Apple's executive officer package is designed to incentivize continued diligence and high performance over the long term.

Shareholders were first introduced to Maestri in his new capacity during Apple's quarterly conference call for the first fiscal quarter of 2014, which took place in January.

As for Oppenheimer, the soon to be former Apple CFO recently joined the board of directors at banking giant Goldman Sachs.

Comments

  • Reply 1 of 18
    SpamSandwichSpamSandwich Posts: 33,408member
    Curious to see if Luca can outdo the Double Irish with a Dutch sandwich. That was genius. Hmm... now I'm hungry.
  • Reply 2 of 18
    solipsismxsolipsismx Posts: 19,566member
    Curious to see if Luca can outdo the Double Irish with a Dutch sandwich. That was genius. Hmm... now I'm hungry.

    I heard Apple will be initiating the Double Dutch Bus.

    [VIDEO]
  • Reply 3 of 18
    Quote:

    Originally Posted by SolipsismX View Post





    I heard Apple will be initiating the Double Dutch Bus.

     



    I thought the Double Dutch Bus was where Google was on one level, Samsung was on the other, and the bus crashed into a landfill in New Mexico. Was I mistaken?

  • Reply 4 of 18
    droidftwdroidftw Posts: 1,009member

    I'll reserve judgement until I hear what drblank's sources at Apple have to say on the subject.

  • Reply 5 of 18
    emericaemerica Posts: 34member
    Jony I've earns over $50 million a year, must be nice being sir Ive. This guy is getting paid pennies in comparison
  • Reply 6 of 18

    So far I like what I see.  The first quarter he was CFO Apple blew-out numbers by $1.50 a share, split the stock, increased the buy-back and increased the dividend.  This is a guy that has a long track record creating shareholder value.  Oppenheimer was outgrown by Apple and needed to go.

  • Reply 7 of 18
    rogifanrogifan Posts: 10,669member
    emerica wrote: »
    Jony I've earns over $50 million a year, must be nice being sir Ive. This guy is getting paid pennies in comparison
    Where did u get that figure?
  • Reply 8 of 18
    fred1fred1 Posts: 849member
    Bravo Luca! Ci voleva un'italiano lì dentro!
  • Reply 9 of 18
    brlawyerbrlawyer Posts: 828member
    Quote:

    Originally Posted by DroidFTW View Post

     

    I'll reserve judgement until I hear what drblank's sources at Apple have to say on the subject.


     

    You mean "Dr. Dre"?

  • Reply 10 of 18
    SpamSandwichSpamSandwich Posts: 33,408member
    brlawyer wrote: »
    You mean "Dr. Dre"?

    They're both well-known surgeons.
  • Reply 11 of 18
    jungmarkjungmark Posts: 6,882member
    droidftw wrote: »
    I'll reserve judgement until I hear what drblank's sources at Apple have to say on the subject.

    Ha. Drblank probably would say he lost all respect for him because he's supporting the thug economy by staying after the Beats purchase.
  • Reply 12 of 18
    alcstarheelalcstarheel Posts: 554member
    He still looks like a movie villain.

    Was he prominent on the last earnings call? Oppenheimer had a Jobsian abrasive-ness with the investor media. What's Maestri's relationship with them?
  • Reply 13 of 18
    Quote:

    Originally Posted by alcstarheel View Post



    He still looks like a movie villain.



    Was he prominent on the last earnings call? Oppenheimer had a Jobsian abrasive-ness with the investor media. What's Maestri's relationship with them?



    Last investor call a bunch of media people commented that he had an amazing voice. That's all I know.

  • Reply 14 of 18
    slurpyslurpy Posts: 5,328member

    If this guy was responsible for all the financial decisions in the past few months, especially the ones announced during the earnings call (buyback, split, etc) then he's done a hell of a job so far. 

  • Reply 15 of 18
    suddenly newtonsuddenly newton Posts: 13,803member
    droidftw wrote: »
    I'll reserve judgement until I hear what drblank's sources at Apple have to say on the subject.

    Oppenheimer was visited by Indrid Cold last year and told when Apple would by Beats, so he arranged for a graceful exit to not arose suspicion. Maestri has never heard of Dr. Dre and assumed he was a real doctor.
  • Reply 16 of 18
    dsddsd Posts: 186member

    I think I saw Maestri at a rap concert in Compton last January.

  • Reply 17 of 18
    benjamin frostbenjamin frost Posts: 7,203member

    Let's hope Maestri is a maestro with Apple's finances!

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