Apple's Financial Chief Gets $1 Million Salary -- Update

By Dow Jones Business News, 
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By Anna Prior

Apple Inc.'s new Chief Financial Officer Luca Maestri will receive an annual salary of $1 million, the technology company disclosed in a regulatory filing Friday.

In addition to the base salary, Mr. Maestri was awarded 6,337 restricted stock units under Apple's 2014 employee stock plan that will vest at various times over the next four years. He will also be eligible to participate in Apple's performance-based cash bonus program for executive officers, said Apple.

Mr. Maestri, 50 years old, succeeds Peter Oppenheimer as finance chief, a move the company announced in March that took effect Friday. Mr. Oppenheimer will transition the balance of his responsibilities over the summer until his planned retirement at the end of September, Apple said.

Last year, Mr. Oppenheimer's total compensation package was about $2.6 million, which included a base salary of $ 866,061, according to a January regulatory filing.

A native of Italy, Mr. Maestri joined Apple last year after a two-year stint as Xerox Corp.'s financial chief, and has a record of returning cash to shareholders and extensive international experience.

He worked for 20 years at General Motors Co., culminating in his position as finance chief of its European operations. He also worked in Asia and South America.

Apple, meanwhile, in recent months took on a series of shareholder-friendly moves, including adding $30 billion to its stock-buyback plan, raising its dividend about 8% and declaring an unusually large 7-for-1 stock split.

Activist investor Carl Icahn, who has been pushing the company to share more of its cash holdings with shareholders, tweeted that he was "extremely pleased" when the moves were announced in April.

Write to Anna Prior at anna.prior@wsj.com

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