Apple's CFO Luca Maestri steps down, Kevan Parekh named successor
What's the story
Apple's Chief Financial Officer (CFO) Luca Maestri is set to step down from his role at the end of this year.
The position will be taken over by Kevan Parekh, currently serving as the Vice President of Financial Planning and Analysis at the company.
This transition is part of a "planned succession" strategy by the US-based tech giant.
Role transition
Maestri's new role and legacy
Despite stepping down as CFO, Maestri will continue his association with Apple in a reduced capacity.
He will be responsible for overseeing information technology and real estate functions within the company.
During his tenure as CFO since 2014, Maestri played a significant role in steering Apple's finances in the post-Steve Jobs era, and was instrumental in the company's shift toward becoming a services provider.
Successor profile
Parekh's journey and future responsibilities at Apple
Parekh, who will officially assume the CFO role on January 1, has been with Apple since June 2013.
Prior to joining Apple, he held various positions at Thomson Reuters for four years and worked at General Motors for over five years.
In his new role as CFO, Parekh will join Apple's executive team and report directly to CEO Tim Cook.
CEO endorsement
Cook's endorsement and Parekh's preparation for CFO role
Cook has expressed his confidence in Parekh, stating, "His sharp intellect, wise judgment and financial brilliance make him the perfect choice to be Apple's next CFO."
Over the past several months, Maestri has been preparing Parekh for this new role. This preparation included increased participation in private meetings with Apple's financial analysts and partners.
Management shifts
Apple's management changes and market response
The change in CFO is not the first executive shift at Apple.
Similar transitions were seen when Phil Schiller stepped down as marketing chief in 2020, and Dan Riccio left his position as head of hardware engineering in 2021.
Following the announcement of Maestri's departure, Apple shares experienced a slight dip but quickly recovered most of their value.