Apple’s longtime CFO Luca Maestri will step down at the tip of the yr and hand over the role to his deputy Kevan Parekh after greater than a decade.
Parekh, 52, will turn into CFO on Jan. 1, in what Apple called a “planned succession.” Maestri, who has been CFO since 2014, will stay at Apple in a reduced role and proceed to oversee the data technology and real estate divisions, the corporate said Monday.
Maestri, 60, was Apple’s financial steward within the post-Steve Jobs era and a well-known voice on the corporate’s conference calls. During his tenure, Apple evolved into more of a services business, with that division accounting for much of its revenue growth. The Italian-born executive will proceed to report back to CEO Tim Cook in his recent role.
Parekh, meanwhile, will replace Maestri on Apple’s leadership team and can even report back to Cook.
“Kevan has been an indispensable member of Apple’s financial leadership team and knows the company inside and out,” Cook said in a press release. “His sharp mind, wise judgment and financial brilliance make him the perfect choice to be Apple’s next CFO.”
Parekh has been with Apple for 11 years, joining around the identical time as Maestri. He currently oversees financial planning, investor relations and market research. He took on more responsibility late last yr when Maestri’s other deputy, Saori Casey, stepped down. She joined later Sonos Inc. as CFO.
Maestri had been grooming Parekh for the role of CFO over the past few months, and Bloomberg News reported in May that Apple was preparing to call Parekh as its next chief financial officer. Parekh also increasingly attended private meetings with financial analysts and Apple partners. Maestri said Monday that he had “great confidence” in his successor.
Apple shares fell as much as 1.7 percent in late trading, but have largely recovered. The transition should go easily, say Bloomberg Intelligence analysts Anurag Rana and Andrew Girard. The change “appears to be part of normal management planning,” they said in a press release.
Maestri’s move to a smaller role at the corporate follows a recent pattern for executives there. When Phil Schiller stepped down as chief marketing officer in 2020, he decided to remain at Apple and now leads a smaller portfolio that features the App Store. Dan Riccio, head of hardware development until 2021, left the corporate’s management team but continues to oversee development of the Vision Pro headset.
“We are pleased that we will continue to benefit from the leadership and expertise that characterized his tenure with the company,” Cook said of Maestri. The move is the second CFO change during Cook’s tenure, after previous CFO Peter Oppenheimer resigned in 2014.
There are more likely to be further changes in Apple’s leadership team within the foreseeable future. Many of the executives are around 60 years old and have been with the corporate for many years.
The transition is the second notable management change this month. Last week, Apple informed the workers that Matt Fischer, Vice President and Chief App Store Officer, might be leaving the corporate as a part of a restructuring. He might be replaced by two deputies.
