The announcement today comes one day after Goldman Sachs named Oppenheimer as one of its 13 board members.
Oppenheimer, 51, who joined Apple in 1996 as controller for the Americas, will transition the CFO role to Maestri in June. The balance of his responsibilities over the remaining time allowing for a professional and seamless transition, the company said in a statement.
Oppenheimer's departure is one of biggest changes to Apple's executive ranks in the past couple of years.
Maestri, 50, who joined the company in March last year, will report to the company's CEO Tim Cook.
"When we were recruiting for a corporate controller, we met Luca and knew he would become Peter's successor," Cook said.
Under Oppenheimer, Apple's cash chest surged to over USD 150 billion.
Prior to joining Apple, Maestri was CFO at both Nokia Siemens Networks and Xerox.
The company said its annual revenue has grown more than twenty-fold during Oppenheimer time as CFO and under his leadership, Apple has built a world-class finance team.
"Peter has served as our CFO for the past decade as Apple's annual revenue grew from USD 8 billion to USD 171 billion and our global footprint expanded dramatically," Cook said.


Latest News  from Business News Desk