Apple has confirmed its long-serving CFO Peter Oppenheimer is to retire at the end of September after nearly two decades of service at the consumer electronics giant.
In that time, Apple has transformed itself from a purveyor of home computers to the technology giant of today, renowned for popularising the tablet and smartphone form factors.
In a statement, confirming his departure, Apple CEO Tim Cook paid tribute to the contribution Oppenheimer has made to the company's success.
"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," said Cook.
"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."
Oppenheimer said his decision to leave was partly driven by his desire to spend more time with his family, as well as his plans to pursue acquiring a pilot's license.
"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.
"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."
Oppenheimer will be succeeded by Luca Maestri, Apple's current vice president of finance, in a phased manner to enable a "professional and seamless transition", said Apple.
As such, Maestri is expected to take over the CFO reins by June, before passing over the remainder of his responsibilities before his departure in September.
"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 Tim.
"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."
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