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Apple CFO Luca Maestri to Step Down After a Decade, Kevan Parekh to Succeed
Apple's CFO Luca Maestri steps down after ten years but will continue leading corporate services, with Kevan Parekh as his successor.
Apple's Chief Financial Officer, Luca Maestri, is set to step down from his role at the beginning of next year after a decade of service. Despite stepping down as CFO, Maestri will remain at Apple, overseeing key departments such as information systems and technology, information security, and real estate and development as head of the corporate services team.
Maestri’s journey with Apple began in 2013 when he joined the company after serving as the CFO of Xerox. Just a year later, he was promoted to CFO, succeeding Peter Oppenheimer. During his tenure, Maestri played a pivotal role in the company’s financial strategy. Under his leadership, Apple's annual revenue surged from $183 billion when he started to an impressive $383 billion last year.
One of Maestri’s notable achievements includes overseeing the expansion of Apple’s share repurchase program to $90 billion, and this spring, Apple announced an increase to $110 billion, breaking its previous record of $100 billion. The company's services business also saw a 14 percent revenue increase, despite a dip in iPhone and iPad sales. As Apple highlighted in its announcement, “In Apple’s announcement, it said, “... Maestri enabled essential investments and practiced robust financial discipline, which together helped the company more than double its revenue, with services revenue growing more than five times.”
Apple CEO Tim Cook praised 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.”
Taking over from Maestri will be Kevan Parekh, Apple's vice president of financial planning and analysis. Parekh, who has been with Apple for 11 years, has a solid background in financial leadership, having previously held senior roles at Thomson Reuters and General Motors. He will now manage the finances of Apple's $3 trillion empire.
In addition to these leadership changes, Apple is also restructuring other parts of its business. The company recently announced that it is splitting up its App Store division, with Matt Fischer, the vice president of the App Store, leaving his role after more than a decade.
