Late last week, rumors started flying that Peter Oppenheimer would be leaving his position as Apple’s CFO. It turns out those rumors are true. Oppenheimer will vacate his post in September, and Apple’s current Corporate Controller, Luca Maestri, will become the new CFO.
Who is Maestri, and will he serve Apple well in his new post? Here are some facts you should know.
1. Maestri Has Been With Apple Since 2013
Apple's longtime CFO, Peter Oppenheimer, to retire in Sept.; being replaced by corporate controller Luca Maestri. http://t.co/kmqNIAVHia
— TMF Breaking News (@TMFBreaking) March 4, 2014
As we recently mentioned in our profile of outgoing Apple CFO Peter Oppenheimer, Luca Maestri is Apple’s current Corporate Controller. Maestri previously worked for Xerox as their CFO. He also worked for General Motors for over 20 years. In addition to being the controller, Maestri is also Apple’s VP of Finance.
Maestri is a relatively recent hire at Apple, having joined the company just last year. Bloomberg noted that Maestri’s hire was likely part of a well-thought out succession plan for Oppenheimer.
Mac Daily News adds that Maestri is 49 years old. He also worked for Nokia Siemens Networks between 2008 and 2011.
2. Maestri’s Transition Begins Soon
I look forward to Apple’s incoming CFO, Luca Maestri, being played by Michael Sheen in the eventual movie. http://t.co/Lzql4lWRt0
— Dan Moren (@dmoren) March 4, 2014
24/7 Wall St. recently ran an article entitled “Apple CFO Transition May Matter More Than You Think.” In the article, author Jon C. Ogg argued that Maestri’s ascension to CFO is a chance for Apple to change some of its financial strategies. He writes:
“Any time a CFO retirement comes up, it can create change inside a company. Reporting can look different, opinions on how to return capital to shareholders — buybacks, dividends or even growth acquisitions — can all come with a different set of eyes.
…It is this fresh set of views that could change the way things are handled on the money side of Apple ahead. Perhaps Maestri can convince Tim Cook to be a bit more aggressive financially. Maybe.”
3. Tim Cook Has Nice Things to Say About Luca Maestri
The Bloomberg video above talks about Tim Cook at the most recent Apple shareholders meeting.
The official Apple press release about the CFO transition includes a nice blurb from CEO Tim Cook:
“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…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.”
4. Luca Maestri Is Well-Traveled and Well-Educated
Maestri Luca VP, Corporate Controller at Apple sold 2,490 shares at $525.65 per share for a total value of $1,308,875 http://t.co/nkUBSRa57G
— Obari (@Obarie) November 11, 2013
The official Apple press release also talks a bit about Luca Maestri’s past. It states:
“Luca has an exceptionally broad international background, with time spent living and working in Italy, Poland, Ireland, Switzerland, Singapore, Thailand, Brazil and Germany, as well as the U.S.
Luca graduated from Luiss University in Rome with a bachelor’s degree in Economics and received a master’s degree in Science of Management from Boston University.”
5. Apple Pays Maestri Well in Stocks and Salary
Last year, Mac Rumors reported that Maestri received stock rights worth $15 million.
Maestri’s current Apple salary is unknown. However, we can make an educated guess about how much he will earn as CFO. When Peter Oppenheimer held the CFO position, CNNMoney noted that he earned almost $30 million. He received $700,000 in salary in 2010, plus a $700,000 bonus. On top of that, he got $28.4 million in stocks and options. It’s likely that Maestri will earn something similar.