Apple's chief financial officer Peter Oppenheimer will retire in September after 18 years with the firm.
Oppenheimer will be replaced by Luca Maestri, who is currently the company's corporate controller.
Oppenheimer has held the role of CFO at Apple for the past decade, during which time the company's revenue has grown from US$8 billion to US$171 billion annually, CEO Tim Cook said in a statement. He was also behind Apple's controversial tax setup, and was called to testify in front of a Senate committee meeting on the subject in 2012.
"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," Cook said.
"His contributions and integrity as our CFO create a new benchmark for public company CFOs," Cooke said. "Peter is also a dear friend I always knew I could count on."
Cook added that it was clear when Apple hired Maestri for the controller job in 2013 from Xerox that he would become Oppenheimer's successor.
Analysts said the move wasn't unexpected, and shouldn't negatively affect the firm. "The transition doesn't come as too much of a surprise to us as Mr Maestri left his position as Xerox's CFO to become Apple's corporate controller, which we felt was an indication that there must be an eventual path to CFO," Wells Fargo Securities analyst Maynard Um said in a research note, according to Reuters.
"While we view Mr Oppenheimer's retirement as a loss to the company, we expect the transition to be fairly seamless."
-1.jpg&w=100&c=1&s=0)
.png&w=100&c=1&s=0)
