UPDATE 1-Apple CFO Oppenheimer to retire at end of September

March 4 (Reuters) - Apple Inc said Chief Financial Officer Peter Oppenheimer would retire at the end of September.

Luca Maestri, Apple's vice president of finance and corporate controller, will succeed 51-year-old Oppenheimer as CFO, reporting to Chief Executive Tim Cook.

Oppenheimer, who joined Apple in 1996 and has been CFO since 2004, will start handing over in June to Maestri, who joined in 2013 from Xerox Corp, where he was CFO.

The company's shares were up 0.6 percent at $530.86 in premarket trading.

Cook noted that Apple's revenue had risen to $171 billion from $8 billion during Oppenheimer's tenure as CFO.

Oppenheimer, who was named to the board of Goldman Sachs Group Inc on Monday, said he would use some of his free time to complete his pilot's license.

Maestri will take over as CFO at a time when Apple is under pressure to return much of its huge cash pile to investors and to come up with the next big thing to duplicate the success of iPhone and iPad.

The company had about $160 billion cash at the end of 2013.

Apple has said it would return $100 billion to shareholders by the end of 2015 through dividends and share repurchase.

The company said in February that it had bought more than $40 billion of its shares over the past 12 months.