Apple CFO Peter Oppenhiemer will retire at the end of September, handing his duties over to the company's corporate controller and vice president of finance, Luca Maestri, from June.
Maestri, like Oppenheimer, will report directly to CEO Tim Cook, the company said Tuesday.
Oppenheimer has been with Apple for about 17 years and CFO for about the last 10. He is also the company's senior vice president. Before becoming CFO, he held the roles of corporate controller, worldwide sales controller and controller for the Americas at Apple, according to a company biography.
In a statement, Oppenheimer said he was leaving to take time for his family -- and to spend more time flying. "For quite some time, I have wanted to live on the central coast of California and get more involved at Cal Poly, my alma mater; spend more time with my wife and sons; travel to interesting parts of the world; and something I have wanted to do for years -- finish the requirements for my pilot's license," he said.
His replacement, Maestri, joined Apple from Xerox in March 2013, in a move that some considered a demotion -- he had been CFO there. Others, however, saw it as a sign that Apple was preparing for Oppenheimer's departure and that Maestri had been promised his job.
That was confirmed in Tuesday's statement: "When we were recruiting for a corporate controller, we met Luca and knew he would become Peter's successor," it quoted Cook as saying.
Maestri has also worked as CFO at Nokia Siemens Networks and, before that, worked for 20 years at General Motors in finance roles around the world.
Peter Sayer covers open source software, European intellectual property legislation and general technology breaking news for IDG News Service. Send comments and news tips to Peter at firstname.lastname@example.org.