Apple announced today that Chief Financial Officer Luca Maestri will step down from his role at the beginning of next year, transitioning to lead Apple’s corporate services team. Kevan Parekh, the current Vice President of Financial Planning and Analysis at Apple, will be promoted to CFO, marking a significant leadership change within the company.
Maestri has been with Apple since 2013, taking over as CFO in 2014 after his tenure as CFO at Xerox. Under his financial leadership, Apple’s annual revenue more than doubled from $183 billion to $383 billion. Maestri also played a key role in expanding Apple’s share repurchase program, which increased from $90 billion to a record-breaking $110 billion this spring. Despite stepping down as CFO, Maestri will continue to oversee essential departments, including information systems and technology, information security, and real estate development, while reporting directly to CEO Tim Cook.
Kevan Parekh, who has been with Apple for 11 years and previously held senior leadership roles at Thomson Reuters and General Motors, will assume the CFO position. Tim Cook praised Maestri’s contributions, highlighting his role in enhancing Apple’s financial performance, shareholder engagement, and overall financial discipline.
This leadership transition comes as part of a planned succession, though Apple did not specify the reasons behind the shift. The company is also implementing changes in other divisions, including restructuring its App Store management, following the departure of App Store Vice President Matt Fischer.
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