Apple today announced that its chief financial officer, Peter Oppenheimer, will be replaced by finance vice president and corporate controller Luca Maestri.

This news follows a lengthy history of rumors — beginning January 2013, when Maestri was first hired away from Xerox — that Maestri would eventually take over as Apple’s CFO. Apple chief Tim Cook today confirmed that this was the case:

“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.”


Above: Peter Oppenheimer

In the formal release, Apple shares that this transition will begin in June. Oppenheimer is slated to retire officially at the end of September.

This news follow’s Oppenheimer’s move to join the Goldman Sachs board. Oppenheimer has been with Apple since 1996, according to his corporate press page.