Summary
This Form 8-K filing by Apple Inc. announces a significant executive transition, appointing Luca Maestri as the new Senior Vice President and Chief Financial Officer (CFO), effective May 29, 2014. Maestri, previously Apple's Principal Accounting Officer, succeeds Peter Oppenheimer, who will retire at the end of September 2014 after a transition period. This appointment is part of a previously communicated CFO transition plan and signals continuity in financial leadership for the company. In conjunction with his new role, Mr. Maestri's compensation package has been detailed. He will receive an annual salary of $1 million and is eligible for pro rata participation in the executive bonus program for fiscal year 2014. Additionally, he was awarded restricted stock units (RSUs) under Apple's 2014 Employee Stock Plan, with vesting tied to both continued employment and Apple's relative total shareholder return. These details provide insight into how Apple is incentivizing its new CFO.
Key Highlights
- 1Luca Maestri appointed as Apple's Senior Vice President and Chief Financial Officer (CFO), effective May 29, 2014.
- 2Maestri succeeds Peter Oppenheimer, who is transitioning to retirement at the end of September 2014.
- 3Maestri will continue to serve as Apple's Principal Accounting Officer.
- 4Maestri's annual salary as CFO is set at $1 million.
- 5He is eligible for performance-based cash bonuses on a pro rata basis for fiscal 2014.
- 6Maestri was awarded 6,337 restricted stock units (RSUs) under the 2014 Employee Stock Plan.
- 7The vesting of a portion of the RSUs is contingent on Apple's relative total shareholder return over specific performance periods.