Apple CFO Luca Maestri is stepping down
What Happened: In a press release, Apple has announced that it replacing its longtime Chief Financial Officer, Luca Maestri, with Kevan Parekh, Apple's current Vice President of Financial Planning and Analysis. This is the result of a planned succession within Apple's executive team. The transition will take place on January 1, 2025.
Maestri will continue to work with Apple by leading the "Corporate Services teams, including information systems and technology, information security, and real estate and development, reporting to Apple CEO Tim Cook"
Under Maestri's financial leadership, Apple became a multi-trillion company, making it the most valuable publicly held company in the world, only occasionally second to Microsoft.
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. - Tim Cook, Apple CEO
The press release goes on to mention that Maestri helped double Apple's overall revenue, with revenue from services "growing more than five times." It's very clear Apple views him as an indispensable resource to its overall financial success, not unlike how Steve Jobs viewed Tim Cook as invaluable to the company's longterm success after his return as CEO.
Who is Kevan Parekh?
Parekh has been working for Apple in various capacities for 11 years, and currently leads "Financial Planning and Analysis, G&A and Benefits Finance, Investor Relations, and Market Research." Prior to that he was responsible for Apple's worldwide sales, marketing, and retail departments.
Overall, his roles within Apple were directly tied to its finances in one form or another, and he has been at it for a long time. The fact that he was responsible many distinct aspects of Apple's financials gives him a strategic advantage as far as being able to see the big picture, a fact which will be instrumental to his leadership role come January 1st.
Before joining Apple, Parekh held leadership positions at Thomson Reuters and General Motors, he is also an electrical engineer with Bachelor's degree in Science from the University of Michigan, as well as an MBA from the University of Chicago--the latter being one that matters most to Apple.
The recently announced iPhone 16 launch event will play a key role in how Parekh conducts his role as CFO–as Apple is strongly banking on Apple Intelligence to take them out of sales slump, particularly with iPhones, that has been happening domestically and abroad, especially in China. Apple Wire wishes him the best!