An Apple Inc. executive has confirmed his retirement from the iPad and iPhone company.

Apple's Senior Vice President and Chief Financial Officer (CFO) Peter Oppenheimer will retire from his duties at the end of September. Oppenheimer's departure was credited to wanting time for himself and his family.

Apple CEO Tim Cook, in a statement, acknowledged the company's growth under Oppenheimer's tenure such as annual revenue increasing from $8 billion to $171 billion. The Apple CEO continued that the outgoing SVP and CFO has been a "dear friend" whom he could rely on.

"His guidance, leadership and expertise have been instrumental to Apple's success, not only as our CFO but also in many areas beyond finance, as he frequently took on additional activities to assist across the company," added Cook. "His contributions and integrity as our CFO create a new benchmark for public company CFOs."

Oppenheimer stated, "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.

Oppenheimer's successor has been named. Current Vice President of Finance and Corporate Controller Luca Maestri will assume the SVP and CFO positions in September, however, the transition will commence in June in hopes to bring a "professional and seamless transition."

"Luca has over 25 years of global experience in senior financial management, including roles as a public company CFO, and I am confident he will be a great CFO at Apple," said Cook. "When we were recruiting for a corporate controller, we met Luca and knew he would become Peter's successor. His contributions to Apple have already been significant in his time with us and he has quickly gained respect from his colleagues throughout the company."

With the CFO position, one oversees controller, information systems, internal audit, investor relations, tax, treasury, and facilities functions of Apple.

Oppenheimer has been with Apple for 18 years. He started as Apple's Controller of the Americas and would be promoted to Vice President and Worldwide Sales Controller the following year. With Oppenheimer, Apple has seen four new data centers and the introduction of the new Cupertino campus.

Oppenheimer is also a member of Goldman Sachs' Board of Directors.

Luca has had experience as a CFO. He served as CFO for Nokia Siemens Networks and Xerox. He's also held other positions with General Motors. He joined Apple in March 2013 managing most of the company's financial tasks.

__

For the latest updates, follow Latin Post's Michael Oleaga on Twitter: @EditorMikeO