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Longtime Apple Inc. Chief Financial Officer Luca Maestri will step down from the job at the end of the year, handing the role to top deputy Kevan Parekh after more than a decade.
Parekh, 52, will become CFO on January 1 in what Apple described as a “planned succession.” Maestri, who has been CFO since 2014, will remain at Apple in a reduced position, continuing to oversee information technology and real estate functions, the company said Monday.
The 60-year-old Maestri was a steward of Apple’s finances in the post-Steve Jobs era and a familiar voice on the company’s conference calls. During his tenure, Apple became more of a services provider, with that category accounting for much of its revenue growth. The Italian-born executive will continue to report to Chief Executive Officer Tim Cook in his new position.
Parekh, meanwhile, will join Apple’s executive team and report to Cook as well.
“Kevan has been an indispensable member of Apple’s finance leadership team, and he understands the company inside and out,” Cook said in a statement. “His sharp intellect, wise judgment and financial brilliance make him the perfect choice to be Apple’s next CFO.”
Parekh has been at Apple for 11 years and joined around the same time as Maestri. He currently oversees financial planning, investor relations and market research functions.
Maestri had been grooming him for the CFO role for the last several months, and Bloomberg News reported in May that Apple had been preparing to name Parekh as its next finance chief. Maestri said Monday that he has “enormous confidence” in Parekh as CFO.
Maestri’s shift to a smaller role at the company follows a recent pattern for executives there. When Phil Schiller stepped down as marketing chief in 2020, he decided to remain at Apple and now leads a smaller portfolio that includes the App Store. Dan Riccio, head of hardware engineering until 2021, left the company’s management team but still oversees development of the Vision Pro headset.
“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,” Cook said of Maestri. The move marks the second CFO transition during Cook’s tenure, with previous CFO Peter Oppenheimer stepping down in 2014.
More stories like this are available on bloomberg.com
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