Apple Inc. announced on Monday that Chief Financial Officer (CFO) Luca Maestri will step down from his role on January 1, 2024, with Kevan Parekh, a long-time Apple executive, set to take over the position.
Maestri, who has held the CFO position since 2014, will remain at Apple, where he will continue to lead teams focusing on IT, security, and real estate development, according to the company’s statement.
Kevan Parekh, currently Apple’s Vice President of Financial Planning and Analysis, has been a key figure in the company’s finance department, closely working with Maestri over the years.
“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,” said Apple CEO Tim Cook in a statement.
Maestri’s tenure as CFO coincided with a period of significant growth for Apple. Since he took on the role, Apple’s stock price has surged by over 800%, fueled in part by robust demand for iPhones. Under his leadership, Apple more than doubled its annual sales and net income, with revenue increasing from approximately $183 billion in 2014 to $383 billion in the last fiscal year. Additionally, Maestri played a pivotal role in overseeing Apple’s record-breaking capital return program and frequently appeared alongside Cook during quarterly earnings calls.
Before joining Apple, Maestri, 60, had a distinguished career that began at General Motors, where he spent two decades helping to establish the automaker’s operations in the Asia Pacific region. He later served as CFO at Nokia Siemens and Xerox before joining Apple as corporate controller in 2013 and was promoted to CFO the following year.
Kevan Parekh, who joined Apple in 2013, brings a wealth of experience to his new role. He started his career at Thomson Reuters before moving to Apple, where he has since held various roles in finance and product marketing. Like Maestri, Parekh also spent time at General Motors, working in overseas operations.
Apple’s leadership transition comes amid broader shifts within the financial leadership of Silicon Valley’s top companies. At Alphabet, CFO Ruth Porat announced her departure from the role in July 2023 to become President and Chief Investment Officer, with Anat Ashkenazi, formerly of Eli Lilly, taking her place. Similarly, Meta named Susan Li as its new CFO in 2022, succeeding David Wehner, who transitioned to the role of Chief Strategy Officer.
As Parekh prepares to step into his new role, the industry will be watching closely to see how he steers Apple’s financial future in the years to come.
