Apple today announced
that Chief Financial Officer Luca Maestri will transition from his role on January 1, 2025. Maestri will continue to lead the Corporate Services teams, including information systems and technology, information security, and real estate and development, reporting to Apple CEO Tim Cook.
As part of a planned succession, Kevan Parekh, Apple’s Vice President of Financial Planning and Analysis, will become Chief Financial Officer and Join the executive team.
“Luca has been an extraordinary partner in managing Apple for the long term. He has been instrumental in improving and driving the company’s financial performance, engaging with shareholders, and instilling financial discipline across every part of Apple. We’re fortunate that we will continue to benefit from the leadership and insight that have been the hallmark of his tenure at the company,” said Tim Cook, Apple’s CEO.
“For more than a decade, Kevan has been an indispensable member of Apple’s finance leadership team, and he understands that company inside and out. His sharp intellect, wise judgement, and financial brilliance make hime the perfect choice to be Apple’s next CFO.”
CNBC reported Apple announced Monday that it will place Chief Financial Officer Luca Maestri on Jan. 1 with current Apple insider Kevan Parekh.
Maestri will continue to lead teams focusing on IT, security, and real estate development.
Parekh, the incoming CFO, had been a top Maestri lieutenant as the company’s vice president of financial planning and analysis.
Maestri was named Apple CFO in 2014 before the stock began a torrid run, partially powered by strong demand for iPhones. Apple stock is up more than 800% since Maestri became CEO.
During his tenure as finance chief, Apple more than doubled annual sales and net income and expanded its gross margin. In 2014, Apple’s annual sales were about $183 billion. Last year, Apple reported $383 billion in revenue.
Reuters reported tech giant Apple on Monday named Kevan Parekh as its chief financial officer, replacing company veteran Luca Maestri who will transition from the role on Jan. 1, 2025.
The leadership change comes ahead of Apple’s multiple product launch this fall season, which analysts have called the biggest software upgrade for the iPhone.
It includes artificial intelligence features, which are crucial for Apple as it looks to reverse a slowdown in global sales, particularly in China, and better compete with rivals who have rolled out AI upgrades.
Parekh, who has been with Apple for more than a decade will join the company’s executive committee, most recently served as vice president of financial planning and analysis.
In my opinion, it is not unusual for large companies to shuffle people around as needed. That said, it appears that this transition will take place in January 2025, just a few months from now.