Apple Officially Appoints New CFO, Luca Maestri
In a recent filing with the US Securities and Exchange Commission, Apple announced it officially appointed Luca Maestri as its new Senior Vice President and Chief Financial Officer on May 29. Maestri succeeds longtime finance chief Peter Oppenheimer. Apple first revealed Maestri would be taking over for Oppenheimer in March as part of a planned CFO transition period set to run through the end of September. Today’s SEC filing serves as official notice of Maestri’s new position.
According to the Cupertino California company, Maestri will continue to serve as the company’s Principal Accounting Officer alongside his duties as CFO, meaning the former Xerox and General Motors finance guru will have a bit more on his plate than Oppenheimer did. Maestri, who joined Apple in 2003, will receive an annual salary of $1 million and is now eligible for Apple’s performance-based cash bonus program that is doled out on a pro rata basis for fiscal 2014.
A separate SEC filing shows Apple’s board of directors awarded Maestri 6,337 restricted stock units currently worth roughly $4 million as part of the new assignment. A first set of 1,137 RSUs is scheduled to vest on October 1, 2015 based on AAPL stock performance, while a second batch of 1,107 RSUs is set to vest on October 1, 2016. Between 0% and 200% of the number of units scheduled to vest at each interval will do so as determined by shareholder return for that period.
The remaining 4,093 RSUs will vest in equal installments on May 29, 2016, May 29, 2017 and May 29, 2018, subject to continued employment through the vesting dates. Apple’s executive officer package is designed to incentivize continued diligence and high performance over the long term. Shareholders were first introduced to Maestri in his new capacity during Apple’s quarterly conference call for the first quarter of 2014, which took place in January.
As far as Oppenheimer, the soon to be former Apple CFO recently joined the board of directors at the banking giant, Goldman Sachs.