Apple CFO Oppenheimer to Retire Later This Year

NEW YORK (TheStreet) -- Apple's (AAPL) CFO Peter Oppenheimer is stepping down from his post, after being at the company for nearly 20 years and helping turn Apple into the global technology giant it is today.

Apple announced that Oppenheimer, Apple's senior vice president and CFO, is slated to retire at the end of September, with Luca Maestri, Apple's vice president of Finance and corporate controller, taking over. Maestri will report directly to CEO Tim Cook. Oppenheimer will transition the CFO job over to Maestri in June, with the remaining portion of his job prior to his exit.

"Peter has served as our CFO for the past decade as Apple's annual revenue grew from $8 billion to $171 billion and our global footprint expanded dramatically. 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 create a new benchmark for public company CFOs," Cook said in a press release. "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."

Cook went on to praise Maestri, who has been at several public companies, including Xerox (XRX). "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," added Cook. "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."

Oppenheimer noted that after being at Apple for 18 years, it was time for him to take time for his family, and pursue outside interests. "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," Oppenheimer said in the release. "For quite some time, I have wanted to live on the central coast of California and get more involved at Cal Poly, my alma mater; 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 license."

Since joining Apple in March 2013, Maestri has managed most of Apple's financial functions, while working closely with senior leadership. He started his career at General Motors  (GM) and spent 20 years at the car maker in finance and operations roles.

Signs of a transition first became apparent during Apple's fiscal first-quarter earnings call, when Maestri was introduced to investors, and Oppenheimer led the call for the majority of it, with Cook speaking less than he normally does.

Shares of Apple were higher in early Tuesday trading, up 0.56% to $530.70

--Written by Chris Ciaccia in New York

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