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  1. Akshay Masand's Avatar

    After being officially appointed as Apple’s chief financial officer in an SEC filing just last week, Luca Maestri’s personal profile and corresponding headshot is now up on Apple’s executive leadership webpage. The addition of Maestri will report directly to CEO Tim Cook on issues related to “accounting, business support, financial planning and analysis, treasury, mergers, and acquisitions, investor relations, internal audit and tax functions.” As noted by Apple, Maestri will continue to serve as the company’s principal accounting officer alongside his new duties as CFO.

    His bio mentions the following:

    Luca has over 25 years of experience building and leading finance teams in global companies with significant operating scale and complexity. Prior to joining Apple, Luca was CFO at Xerox and previously at Nokia Siemens Networks. He began his career with General Motors and spent 20 years in finance and operating roles in the Americas, Asia Pacific and Europe. While at GM, Luca was part of the team that established GM's regional Asia Pacific operations, including manufacturing investments in China and Thailand. He later became CFO for all of GM's operations in Europe, which spanned over 45 countries with annual net revenue of approximately $40 billion.
    The SVP and CFO joined Apple as vice president of Finance and corporate controller back in 2013. With his new duties, Maestri takes the reins from Apple CFO Peter Oppenheimer, who is expected to stay on until the transition period is completed sometime in September.

    In a separately filed SEC document from last week, it was revealed that Maestri is to be paid an annual salary of $1 million and is now eligible for Apple’s performance-based cash bonus program. In addition, the company’s board of directors awarded the CFO 6,337 restricted stock units worth roughly $4 million.

    Maestri’s new role was first reported in March when Apple announced Oppenheimer’s departure.

    Source: Apple (PR)

    Twitter: @AkshayMasand
    2014-06-03 08:06 AM