Apple’s new chief financial officer Luca Maestri, who replaced former CFO Peter Oppenheimer, will earn $1 million per year in salary, according to a regulatory filing from Thursday, reports Bloomberg:
Maestri, who became CFO on May 29, will receive an annual salary of $1 million, according to a regulatory filing yesterday. He was also awarded 6,337 in restricted stock units that will vest through 2018, which were worth $4 million based on Apple’s closing price of $633.
Maestri departed his vice president and CFO position at Xerox to join Apple last January as the company’s new corporate controller, replacing Betsy Rafael. In early March of this year, Apple announced existing CFO Peter Oppenheimer was retiring and would be succeeded by Maestri.
Apple CEO Tim Cook had this to say about Maestri at the time:
“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. “When we were recruiting for a corporate controller, we met Luca and knew he would become Peter’s successor. 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.”
Maestri is taking over the CFO position at a time when Apple’s stock is on the rise, currently at $633 per share as of the end of today’s trading day.