Peter Oppenheimer, Apple's chief financial officer, will retire from the firm at the end of September. Oppenheimer will leave Apple one of the of the richest companies in the world with vast profits and enormous cash reserves.
Oppenheimer took up the CFO position in 2004, having joined Apple in 1996 when the firm was on the brink of collapse. Oppenheimer was present for the whole of Steve Jobs' second era at Apple, with the company's revenues rising from $8bn in 2004 to $171bn in 2013.
Apple chief executive Tim Cook said Oppenheimer's influence had extended well beyond financial management. "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. His contributions and integrity as our CFO have created a new benchmark for public company CFOs."
Cook continued: "Peter is also a dear friend I always knew I could count on. Although I am sad to see him leave, I am happy he is taking time for himself and his family. As all of us who know him would have expected, he has created a professional succession plan to ensure Apple doesn't miss a beat."
Oppenheimer said he was looking to spend more time with his family and be more involved with the world of academia. "I love Apple and the people I have had the privilege to work with and after 18 years here, it is time for me to take time for myself and my family," he explained. "For quite some time, I have wanted to live on the central coast of California and get more involved at Cal Poly [California Polytechnic State University]; spend more time with my wife and sons; travel to interesting parts of the world; and something I have wanted to do for years – finish the requirements for my pilot's licence."
Apple's current vice president of Finance and corporate controller Luca Maestri will succeed Oppenheimer, taking up the role of CFO in June. "Luca has over 25 years of global experience in senior financial management, including roles as a public company CFO, and I am confident he will be a great CFO at Apple," Cook said of Maestri.
"When we were recruiting for a corporate controller, we met Luca and knew he would become Peter's successor. 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."
Meanwhile, Oppenheimer has already extended his extracurricular activities, joining the board of Goldman Sachs.
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