According to a SEC filing today, Apple revealed Luca Maestri’s official progression as the Chief Financial Officer and Senior Vice President role. Apple’s executive biographies page is yet to be updated in the coming days. Its said that Maestri’s previous role as Principle Accounting Officer will be enclosed into the CFO role.
Maestri was previously the Corporate Controller and Vice President at Apple. He will be replacing the current CFO Peter Oppenehimer which was announced earlier this year. Prior to joining Apple, Maestri was the CFO of Xerox.
In connection with Mr. Maestri’s appointment as CFO, he will receive an annual salary of $1 million and will be eligible to participate in Apple’s performance-based cash bonus program for executive officers on a pro rata basis for fiscal 2014. Also in connection with his appointment, the Compensation Committee of Apple’s Board of Directors awarded Mr. Maestri 6,337 restricted stock units under Apple’s 2014 Employee Stock Plan. 1,137 restricted stock units are scheduled to vest on October 1, 2015 and 1,107 restricted stock units are scheduled to vest on October 1, 2016. In each case, between 0% and 200% of the scheduled number of units may vest, with the percentage determined based on Apple’s relative total shareholder return from May 29, 2014 through September 26, 2015 and from May 29, 2014 through September 24, 2016, respectively. The award also includes 4,093 restricted stock units scheduled to vest in equal installments on each of May 29, 2016, May 29, 2017, and May 29, 2018, subject to continued employment through the applicable vesting dates.
Tim Cook had acknowledged Maestri’s work and his prior international experience. As Apple continues to grow in international markets, Maestri’s experience will be an advantage to the company. Also, Oppenheimer will be going away leaving a large cash balance which Maestri will be handling, Maestri has already started with the creation of Apple’s latest cash return program for stock holders.