Apple Sets New CFO Maestri’s Salary at $1 Million a Year

Apple Inc. (AAPL)’s new chief financial officer, Luca Maestri, is the $1 million man.

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.

Apple, based in Cupertino, California, had said in March that CFO Peter Oppenheimer would step down and be succeeded by Maestri. The change is part of several executive shifts at the world’s most valuable company, which also recently brought on board former Burberry Group Plc CEO Angela Ahrendts to run retail. Earlier this month, the company said longtime corporate communications chief Katie Cotton would retire.

Ahrendts was awarded stock compensation potentially worth about $68 million, according to a filing earlier this month.

Italian-born Maestri previously worked at companies including Xerox Corp. He joined Apple last year as corporate controller. When announcing Maestri’s promotion to CFO in March, Apple Chief Executive Officer Tim Cook said, “When we were recruiting for a corporate controller, we met Luca and knew he would become Peter’s successor.”

Apple holds its annual developer conference in San Francisco next week.

To contact the reporter on this story: Adam Satariano in San Francisco at asatariano1@bloomberg.net

To contact the editors responsible for this story: Pui-Wing Tam at ptam13@bloomberg.net Reed Stevenson

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