More NewsApple Names Luca Maestri as New CFO

Apple Names Luca Maestri as New CFO

Apple announced that its chief financial officer (CFO), Peter Oppenheimer, plans to retire in September and the position will be taken over by Luca ¬Maestri in September, transferring financial stewardship of the world’s largest technology company to the Italian-born corporate controller.

Oppenheimer has held the position of CFO since 2004 and was the architect behind the group’s US$100bn capital return programme launched a year ago in response to demands that Apple do more with its growing cash pile. Maestri is not expected to pursue radical changes to the iPhone maker’s strategy on that front, reports suggest.

Maestri joined Apple from Xerox in 2013 and previously spent 20 years at General Motors, where he worked as CFO of several units including GM Europe.

Oppenheimer, who joined Apple in 1996, was named to the board of Goldman Sachs Group earlier this week. Apple’s chief executive (CEO), Tim Cook, noted that the group’s annual revenue had risen to US$171bn from US$8bn during Oppenheimer’s tenure as CFO.

Apple has said it will return US$100bn to shareholders by the end of 2015 through dividends and share repurchases. Last month Apple said it had bought more than US$40bn of its shares over the past 12 months, helping to satisfy investors led by activist Carl Icahn at least for the moment.

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