Apple has this week released an SEC filling that reveals it has decided to appoint Luca Maestri as its new Chief financial officer and senior vice president, to be replaced by the long-served and previous CFO, Peter Oppenheimer.

Peter Oppenheimer will begin this change over the next few months, gradually shifting his responsibilities to Maestri during the course of his move and before he completely retires from Apple in September.

Luca Maestri previously served as the Principle Accounting Officer at Apple.

Once appointed, Maestri will receive an annual salary of $1 million, and will also be included in the company’s performance-based bonus program for executives, alongside his stock package, which is detailed below.

“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.”

Source: Apple

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