Apple has announced its Chief Financial Officer Luca Maestri will step down from his role on January 1, 2025.
Maestri, who has served as Apple’s CFO since 2014, will not be leaving the company, but rather will lead the Corporate Services team, including information systems and technology, information security, and real estate and development.
Kevan Parekh, currently serving as Apple’s VP of Financial Planning and Analysis, has been named as Maestri’s successor.
Apple’s next CFO
Parekh joined Apple in 2013 and has been a key figure in the company’s finance leadership. CEO Tim Cook commented: “For more than a decade, Kevan has been an indispensable member of Apple’s finance leadership team, and he understands the company inside and out. His sharp intellect, wise judgment, and financial brilliance make him the perfect choice to be Apple’s next CFO.”
Cook described Maestri as an “extraordinary partner in managing Apple for the long term.” Under Maestri’s leadership, Apple revenue doubled, with services revenue increasing fivefold. Apple’s third-quarter revenue, for the three months ending June 29, stood at $85.8 billion.
It has also regained its position as the world’s most valuable company, with a market cap of $3.454 trillion, after being overtaken by Microsoft and Nvidia. Apple and Microsoft have long been in a brawl for prime position, with Nvidia only recently stepping into the ring.
Moreover, the announcement comes amid a broader trend of CFO transitions at major tech companies – Alphabet and Meta have also recently appointed new leaders, potentially indicating a new era across Silicon Valley.
Apple stock has remained consistent since the announcement, however with the upcoming launch of new iPhone models, investors will be watching closely.
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