Apple CFO stepping down
Apple has announced that its Chief Financial Officer, Luca Maestri, will step down from his role on January 1, 2025. Although Maestri will no longer serve as CFO, he will continue to lead several key departments at Apple, including information systems and technology, information security, and real estate and development, reporting directly to CEO Tim Cook.
As part of a planned succession, Kevan Parekh, currently Apple’s Vice President of Financial Planning and Analysis, will take over as CFO and join the executive team. Parekh has been with Apple for 11 years, holding various roles in finance, including leadership in Financial Planning and Analysis, Investor Relations, and Market Research. Before joining Apple, Parekh held senior positions at Thomson Reuters and General Motors.
Tim Cook highlighted Maestri's contributions, stating, “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.”
Cook also expressed confidence in Parekh's ability to succeed as CFO, saying, “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.”
Reflecting on his time at Apple, Maestri said, “It is the greatest privilege of my professional life to serve the world’s most innovative and admired company, and to work side by side with a leader as inspirational as Tim Cook. I’m looking forward to the next stage of my time at Apple, and I have enormous confidence in Kevan as he prepares to take the reins as CFO. He is truly exceptional, has a deep love for Apple and its mission, and he embodies the leadership, judgment, and values that are so important to this role.”
During his time as CFO, Maestri oversaw a period of significant financial growth at Apple, with the company’s revenue more than doubling and services revenue increasing fivefold. His leadership in that particular role will clearly be missed.