Luca Maestri, one of the vice-presidents of the financial division of Apple Lossless Audio CODEC (ALAC),, was appointed during the last evening CFO, chief financial office, and senior vice president of the company. The change comes a few months after the announcement that Peter Oppenheimer is going to leave Apple Lossless Audio CODEC (ALAC),, Maestri being one of his subordinates and probably the person recommended by him to take over his position after his departure.
Luca Maestri led Apple's accounting division before assuming the position of CFO, the two titles to be combined together with the duties assigned to each. Before becoming Apple's vice president, Maestri was the company's CFO Xerox, he appearing alongside Tim Cook and in the last two audio conferences to announce the financial results of the Apple company.
Maestri will receive an annual salary of 1 million dollars for the position he holds, but he will also participate in the program that offers financial compensation based on annual performance. Moreover, Luca Maestri received 6337 shares as part of this appointment, 1136 of them can be sold starting from October 1, 2015, 1107 starting from October 1, 2016, the rest can be sold after May 29, 2016 and 2018, if he he will keep his position.
As part of Apple Inc.'s previously announced CFO transition plan, effective May 29, 2014, Apple appointed Luca Maestri, 50, as Apple's Senior Vice President, Chief Financial Officer. Mr. Maestri will continue to serve as Apple's Principal Accounting Officer. Mr. Maestri succeeds Peter Oppenheimer in the role of CFO, and Mr. Oppenheimer will transition the balance of his responsibilities over the summer until his planned retirement at the end of September.
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.
